This movie is very impressive, with overall superb acting, excellent fight sequences and epic soundtrack. For those who have read the Three Kingdoms book or know about the story of the Red Cliff, this may be a dissapointment. There are so many historically impossible plot points, that people who know even a little about ancient Chinese history will probably not find this film convincing at all (which includes its themes and messages).
All that aside though, this film is of such high quality, that it's possible to just ignore the inaccuracies and just be entertained. An added bonus is that this extended version is longer than the original release, and covers many subplots not explored in the original. So if you're thinking about purchasing this film, definitely get this version.