Actually, the "flying scenes" are the most well-done in any kung fu movie I've ever seen. It's more leaping than flying in most cases. Also, there is some wire-work DURING the actual fight scenes themselves, but most people won't notice it.
The weapons combat is some of the best I've seen -- it's a great vehicle to introduce the various Chinese weapons, some which non-martial arts people will have never seen before (e.g., the tiger swords, crescent moon daggers, chinese saber/sword/spear form, etc.).
The action is overall much better than The Matrix.