Setting is around the time before China's unification by Qin Shi Huang Di. From what I can tell its one of those History mixed with some fiction movies (as most "historical" films are anyway). Pretty great battle scenes and the warrior's armor looks friggin awesome. A young woman is placed in power after her father dies in battle, and now must choose between her duties and her personal desires, as well as fight off an ambitious relative who wants her throne.
There's martial arts of course, but no "Wu Ha" elements (like the flying in Crouching Tiger), at least from what I've seen in the trailers.