The plot in a nutshell
There is an ancient ring of power...no, wait...tablet...no, scroll.  That's it, a scroll of power, guarded by a special monk.  This special monk goes through a unique training course, under the tutelage of the previous guardian, until he or she is prepared to be the new protector.  A new guardian is chosen once every 60 years, so the power of the scroll keeps it's guardian young, healthy and free from serious injury during those 60 years.

Chow Yun Fat plays the current monk, while Stiffler, uh, Sean Michael Scott plays the young and tragically hip replacement.  The current monk, who has no name - that's one of the rules of becoming the guardian, you give up your name - has to prepare Scott's character to take over, while battling that perennial favorite evil villain, the psycho Nazi with visions of world domination.

Fat isn't bad as the older monk, but his acting skills are about as honed as Chuck Norris.  Yes, I know, everyone loved him in Crouching Tiger, Hidden Dragon, but he tries to stretch to some comedy here, and it seems forced and stilted most of the time.  There are moments that work, but for the most part the chemistry between Fat's monk and the goofy Kar (Sean Michael Scott's character) never gels.

Scott has a tendency to mug, and flashes of Stifler shine through even here.  He excels at playing stupid teenagers, and he does show the occasional glimmer of ability here, but it's not enough to carry an otherwise been-there-done-that chop sockey flick.

The editing is as choppy as the fighting moves, and it's fairly apparent that the film you're seeing isn't really the film they intended.  You'll see several scenes where things don't quite make sense, or people arrive and leave with little explanation.  Plot lines dangle, and watching the deleted scenes proves what you might expect - the original film was very much different than this final version.  Early preview audiences didn't react particularly well however, and so cuts where made.  While it may have improved the overall story, it did little for the flow.

This movie also highlights one of my pet peeves in current action movies - the overuse of wire work.  When done with subtelety, it can push the edges of human ability without breaking the laws of reality.  It can be used to make a complicated stunt simpler for actors to perform, and can make fight scenes interesting and creative.

When overused, it ruins your ability to suspend your disbelief.  What could have been a simple case of an extremely well trained fighter doing things any 'normal' person can't, turns into Peter Pan.  "Look at me, I can fly! I can fly!".  While you might be able to accept that the monk can do some of these things after years of training, it's a little tougher to buy Kar doing them simply because he 'believes'.  Isn't that what Peter told Wendy, Michael and John?

Rating - Skip It
In the end, this is nothing but a tired repeat of an old theme.  There's nothing really new or interesting here, and even the use of Nazi's as the big bad seems forced and out of place.  Throw in some really silly Forest Gump philosophy, poor writing and even weaker direction, and you end up with a truly forgettable kung fu film.

Spoiler Laden Thoughts
I really have only one comment about the big surprise (don't worry, it's not that big of a surprise)...

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Just because both of them - Jade and Kar - were present at all three 'prophesies', that means they are BOTH the chosen one?  Technically, what did Kar do to free the other monks?  Wasn't that all Jade? And really, what did Jade do in the first battle with Mr. Funktastic, other than send a pipe Kar's way?  What a bummer for every guardian that came before - they didn't get to share the responsibility (and a lot more) with a hot babe!  Talk about your unfair prophesies...

Actually, when you view the cut scenes and alternate ending, you realize just how much different this final film is than the original.  The original certainly doesn't look any better - if possible, the inclusion of Mr. Funktastic's crew all the way to the final battle would have proven worse - but it's a sure sign that the writer and director had little idea what they really were looking for.