One film that nobody seems to have seen is Best of the Best. All sequels were awful but it was an amazing story. I watched it the night before my karate tournament and these dudes were bust opened and everything. I get points off for hitting too hard to the face. Bullshit
Bloodsport and Kickboxer need to be in there. I grew up watching them, both insane movies and probably a lot of why I'm an MMA fan today.
I think in just all round greatness, IP Man tops it. I'm into nostalgia and old school shit as much as the next guy, but Ip Man to me just had everything a martial arts film is supposed to. Forbidden Kingdom had potential before it's rewrite, Jet Li and Jackie Chan should have smashed it without gimpy white kid.