This is a really old movie (very loosely) based on Gu Long's Jue Dai Shuang Jiao. I just saw it on DVD yesterday.
Interestingly, Wong Jing wasn't involved in this movie... but the changes are just as drastic. In fact the "twins" aren't even related at all, and one "twin" is a woman, and the "twins" fall in love. Therefore the title of the movie doesn't even make any sense other than retaining the novel's name. That said, I still liked it more than the Swordsman II with Jet Li. (It could be because I saw HT in the original Cantonese dialogue while I saw the English dubbed version of SMII which was a ridiculous movie seen in English.)
There is no kung fu in this HT movie, just lots of wire use and "remotely controlled" swords that go everywhere depending on where one's fingers point.
I am not sure if this movie was trying to take itself seriously or not. There were lots of sex jokes, beastiality jokes, double entendre jokes, some of which were really funny, but then there were some out of place serious scenes too.
The one thing that bothered me about the movie was Brigitte Lin. It could be because the only other work I remember her in is SWII when she played DFBB. Here she plays another sexually ambiguous character. What's the deal? Is she supposed to be a "handsome" woman? I think she's supposed to be very attractive, but I don't see it. She seemed to old to play an 18 year old in the movie, and actually so was Andy.