I haven't seen one in forever, but the BEST martial arts movies I've seen are Kung Fu Hustle (comedy gold minus the bully scene), Ip Man 1&2 (loved them both, end of 2 was funny), and The Last Samurai. The way the samurai strove for excellence in all areas of their life and the peace Algren finally found made it a favorite. The fight where the ninjas attacked was cool.
Ip man 2, the fight on the tables...classic!
Kung Fu Hustle - Ax Gang Dance (some blood)
http://youtu.be/HJJqe9Jxeb0