Ohhh yes. This got pushed as the best thing of the month on a movie forum I used to go on, so I got it at release.
Like many of these "half spoof" martial arts movies, it really really helps if you have knowledge of kung fu movies to get the jokes. An obvious one in this being the "toad method" scene. So many movies where someone had their special method.....half snake bending method" or suchlike.

If you've never seen it, a really good borrow or whatever is Shaolin Soccer. It makes fun of just about every genre going.
It won't spoil everything if I was to summarise it as "Well, Kung Fu was all very well back in the day of Iron Monkey and the ninja or whatever, but what use could kung fu have nowadays?"