As a life long devotee of Chinese martial arts, I can say with confidence that you are seeing the real thing. Every principle actor know his and mostly her stuff. Added with Ang Lee's vision and enhanced effects, the movie is stunning.
Charlie Rose, on PBS, recently ask Mr. Lee why he made the movie in China, with a Chinese speaking cast. Especially when he knew his biggest market wuld be the US. Charlie was having a dim-bulb day. But the mild Mr. Lee didn't crack wise. He said the pool of actors in China that are both martial art adepts and qualitied actors and who speak English is rather limited...and Chow Yon Fat couldn't play more than one role.
Strongly recommend his Pushing Hands. I think that was his first movie. Made in New Jersey and New York City. Yo Yo Ma's brillian chello requiem near the end was as haunting as Ashokan Farewell. Or pretty close.