This film is a lot better than I expected, and much better than the other imdb comments would imply. You can essentially split this movie in half, with the first half being an adventure movie and the second half being a fight competition. I actually liked the adventure portion a lot more than the fight competition, which is surprising since I like stuff like Bloodsport (the fight part of The Quest is essentially a higher-budget version of Bloodsport). At any rate, this movie is great visually -- it's filmed in a lot of exotic locations. I also thought the direction was great...there were some interesting shots that really impressed me for Van Damme's first directorial effort. The story kinda moves along too quickly and there are a couple parts where this strains the believability of the story (such as how easy it is for Van Damme to get the fight invitation/map from the boxer), but these are easily overlooked and don't really detract much.
I went into this expecting it to be low-budget and fairly dumb, but I was surprised at the lavish production and the fact that it has an actual story which I find more interesting than the fighting.