I saw this film today. It was ok. I was sad to see the hero of my youth, Sho Kosugi play such a villainous role and be destroyed the way he was in the end.
I like the Martial Arts scenes and the use of bladed weapons especially the Kusari Gama. Raizo was the master of his version of this weapon. It was like a thorny Dragon's tail whipping around shearing off limbs and heads.
There are many things to laugh at in this movie, but the excessive use of blood is by far the biggest. In one scene Raizo needed to impress his Master (played by Sho Kosugi) that he was ready to be a Ninja. He was tasked with killing a big fat man and taking his gold wrist watch. Raizo's first blow was a knife to the Carotid Artery. The big fat man said, "Oh, that tickles" or something like that and kept fighting. Raizo's second shot was to the femural Artery and the final blow was to the Brachial Artery. Depending on a person's blood pressure severing either one of these three arteries will generate a spurt of at least six feet. I saw no blood spurting. There was a lot of blood but it was more like gurgling out like a water fountain. The excessive use of blood really turned me off from the film. If I had seen blood spurts where blood spurts should have been I may have been a bit less critical.
We don't even need to talk about the camera's "special effects" in making the ninjas blend in with the shadows in unrealistic ways. I've hid in the shadows and understand how people "in the light" can not see you in the shadows, but these guys walked across semi-lit rooms and you couldn't see them.
I guess that is the laughable part of the film; playing on the exaggerations of the Shadow Warriors.
If you are a fan of Ninjas and martial arts, go see this movie. If you don't like seeing a lot of blood (wussy-boy) stay home.