This feels like episode 2006 of a TV series i.e. preceded by a recap of the previous 2005 parts, which seems to occupy the first 75 minutes. Characters, sects and plots whizz across the screen as if on fast forward, and even the all-star cast can't save it. Li and director Wong Jing have made several films together, and viewers would be better of with, say, New Legend of Shaolin, which manages to be just as spectacular while retaining coherence. But see KFCM with a large, noisy audience - that way, you'll get woken up for the undeniably amazing fight sequences, and can sleep through the excessive (and eventually tedious) plot development.
D-