ALL MEN ARE BROTHERS: Blood of the Leopard, with Tony Leung Kar-fai, Joey Wong Jo-yin, Chui Kam-kong and Lam Wai. Directed by Chan Wui-ngai. On Empire circuit. THIS latest film version of the classic 14th century novel, The Water Margin, comes too late to have much impact on a market place already saturated with costume epics. All Men are Brothers boasts elaborately staged action scenes set among majestic Chinese landscapes and involving hundreds of extras. But the past months have seen the release of so many historic spectacles - and farces of the genre - that this conscientiously-made production leaves an impression little more enduring than the flash of light on sword blades. There are plenty of such flashes as Sung dynasty warrior Lam Chung (Tony Leung) joins forces with a monk (Chui Kam-kong) to battle the forces of corruption that riddle the imperial court. But an even greater foe lurks in the written word, for the screenplay fails to imbue the people and the proceedings with enough nuance, depth or freshness to distinguish All Men are Brothers from its predecessors. While the film-makers deserve an ''A'' for effort, the lack of that creative spark is also evident in the use of the locales. Sure, the hundreds of troops holding banners aloft as they stride craggy cliffs is a potentially impressive sight. But a gimmicky sense of composition - off-kilter camera angles and the like - often negates the overall effect. The film is well cast, with Leung and Chui making an interesting pair of buddies. As Lam Chung's wife, Wong Jo-yin again lives up to her reputation as the Chinese screen's foremost classic beauty. She is given a bit more to do than her usual decorative roles, with her Sung lady better educated than her husband and no slouch in the kung fu department either. Still, the script paints in such broad strokes that All Men are Brothers remains a generic swordfighting epic.