Two words: Loved It.
I just saw The Forbidden Kingdom last night. I won't say it's my favorite movie ever (lacked that extra layer of subtlety and character development that I love) but it was delightful. It's 50% a star vehicle for Jet Li and Jackie Chan (featuring both of them in roles they obviously enjoyed, and looks pretty much written for them) and 50% Chinese fairytale (a genre I love). I am definitely going to buy it on DVD.
The sole Caucasian dude did a good job of acting like a normal person put into a fantastical situation and the beautiful token female did a lovely job of being beautiful and spirited. She talked about herself in third person, which was cooler than it sounds. Made her sound mysterious, for some reason.
Highly recommended, especially if you like fantasy action movies.