The first movie is a prime example of a 80's action flick, with quite some fantasy thrown in the mix, cheesy dialogue, hardcore men and pretty girls. I love it, it's just great fun.
Don't remember a lot of the tv-show, except that I really liked it back then. Second movie, crap, third movie, some fun stuff, nice action, crap movie overall. The fourth movie had some amazing swordchoreography, the fact that the fight between Duncan and Jin-Ke was filmed at that same speed is pretty amazing. A lot of those fightscenes are usually played quicker then they were actually shot. But acting, writing, and pacing were horrible.
And then there was The Source..... ouch......
Funny how nobody mentioned The Raven, a tv show about a female Immortal. The main character was from the original tv show.