I liked it a lot, and want to see it again sometime. Good story, strong characters, good acting, drop dead gorgeous sets and cinematography, great martial arts action.
I had these problems with it:
1) It's been overhyped. It's a good movie, but from the hype it sounds like it's much better than it is. It's very hard to see a hyped-to-the-skies movie without over-inflated expectations, and not be disappointed.
2) Almost too much martial arts. The martial arts is great, but perhaps they should have cut out one or two fights, or fused them together. Some of them don't seem to advance the plot very much.
3) Most disturbing: suspension-of-disbelief-breaking sfx. There's been a lot of chatter about the Matrix-like sfx. I like the idea of the characters able to do the stuff anime characters do, run up walls, bound over rooftops, but I don't like the execution. The actors were clearly swinging from wires, even if you couldn't see the wires, and half the time the stuntmen/women seemed to be flailing their arms, trying to stay upright. In The Matrix I believe every martial arts action the characters did, but in Crouching Tiger Hidden Dragon it just doesn't look real, sorry. And once the suspension of disbelief is broken, the viewer's attention is distracted from the story. Ang Lee needs a different sfx team.
Why are my complaints longer than my praise? Maybe it's easier to complain than to praise. Nonetheless, I thought this was a very good, moving, and entertaining movie. See it if you haven't.