First things first: that fight on the bridge is pretty awesome. When David Chiang is running across, and bad guys are not only chasing him but crawling over the sides to get at him? That kind of took my breath away. Besides which that must hold the Shaw Brothers' record for "most bad guys killed by a lone hero in a climactic battle ever." He must have left a couple of hundred corpses there.
The other truly notable thing about this movie is that Chiang and Ti Lung both get manahandled one-on-one by Ku Feng. I mean, we don't get to see either of them lose very often, much less both in the same film, but the choice of enemy is interesting as well. Ku Feng is maybe the Shaws' greatest actor (and certainly their most prolific) but he is not among their great fighters. Whether a hero or a villain, he tends to win by wits, strategy, and authority. After years of watching him out-smart and out-maneuver his enemies while getting his friends to do most of the actual fighting, it was nice to see him wade in with that three-segment staff (although of course he does still use his wits, strategy, and authority).
Second-class Shaw Brothers, I'm calling this, but it's right at the head of that class. Well worth a watch, if neither as artistic nor as emotionally satisfying as the original One-Armed Swordsman (to which this is not a sequel, anyway). Give it a shot.