-----I don't think the following is Spoiler, but some people might-----
Kill Bill: Volume 1 lived up to my expectations. But, the R rating is very well deserved for violence. If you are into broad or complex plots, this isn't the movie for you. The plot is simply one of vengence: The Bride (Uma Thurman), goes after the 5 who had come very close to killing her. The leader is Bill (David Carradine, whom you hardly see). Also, if you are a purist of the far eastern martial arts then you may not like how they made a fusion between Japanese and Chinese fighting styles.
I'm no expert on film or anime, but the film seems to me to be much like a live action version of one of the more intense Japanese anime. In fact, for background on one of the assassins, O-Ren Ishi (Lucy Liu), they use actual anime. Without cutting content, the live action version would have certainly max'ed the rating to NC-17; very personal, very intense. But in addition to the intensity, it has some good humor, albeit mostly dark humor. However, the scene in the sushi bar was humorous without the dark, violent aspect.
Yeah, the blood was way over the top when extremities were severed from the rest of the body. Think Monty Python. ;-) However, I've seen this sort of thing in anime, too.
Kill Bill: Volume 2 (where The Bride concludes her vengence) is completed. I think it is to screen this February.