I havent seen the movie, but I read this review that summed it up exactly how I imagined. In summary it was:
Memoirs is the nearly the same movie as Showgirls, only without the nudity and laughably bad acting/dialogue. These have been replaced by fancy costumes and sets.
Now if only they coulda combined the 2 by adding the nudity back in. (Ziyi Zhang, and Gong Li respectively) I would go see that.