To be very honest, the story is not creative and very unrealistic, as people get involved in a potentially lethal tournament as if it was an Olympic sport. "I love full contact. I need more scars on my face", Jackson says - as if he couldn't possibly die, and in the movie he almost does.
Even so, I like this movie because of the soundtrack, the photography (beautiful landscapes of Hong Kong are remarkable here) and the fights, even if they can be unrealistic. I think it's about having a good time, and this movie is fun to watch. There is something magnetic about the universe that was created within it and it's interesting to have a glimpse. Good movie after all, as long as you don't take it very seriously and see it as entertainment. By the way, it's a good idea not to expect learning anything about real martial arts from it.