Various people have recommended "Crouching Tiger, Hidden
Dragon". As well as endorsing it, I also like to recommend
"The Emperor and the Assassin". While not a martial arts
movie* like the former, TE&TA is a superb historical tragedy
(although some of the facts have been changed - the queen's
lover was disguised as a Eunuch - or ignored - the Doctor
for example) with several gripping battle scenes.
But I think the moments of drama are what really make the
movie excellent. For example, the Emperor's last conversation
with his father tops whatever Luke Skywalker had to endure.
*although I must admit the first time I saw Giang Hu Underworld
in the subtitles, I thought they were referring to a thieves
guild of some sort.