I just watched the anime and live-action versions of "Wicked City" back-to-back, and find it almost impossible to believe that they were based upon the same source material.
The original, Japanese animated version of "Wicked City" was a wildly original blend of supernatural horror, film noir, and secret agent adventure. It's tale of humans and demons battling on earth was really compelling, thanks to some interesting characters (the MIB-like Black Guard) and visuals (a spider-woman assassin, demons whose severed body parts continue to do battle).
The Tsui Hark-produced live action version virtually jettisons everything plot-wise that the anime version built up. The setting is Hong Kong instead of Tokyo, instead of supernatural demons, the villains are alien "Reptoids" (whose origins remain murky). Whereas the anime version drew energy from the conflict/romance between the partnering of the male human agent and the female demon one, plus an impending showdown between the two worlds, the Hong Kong version is more like a modern mafia drama with its multi-leveled relations and betrayals, only that the mobsters are shape-shifting reptillian monsters.
The film begins promisingly enough with what initially promises to be a scene-by-scene recreation of the prostitute/spider woman attack that opens the animated version. Before the segment ends, you already get the sense that something is amiss.
A couple of other visuals are swiped from the animated version: the lead agent's big gun, the female reptoid has laser-like claws that pop out of her hand like the demon-world female agent in the anime.
After that, everything is different - the plotting, character dynamics, everything.
Judged on its own merits, "Wicked City" has some impressive (though low-budget) special effects, an interesting visual style and decent fight choreography. However, I would take the animated version over this film any day.