Is this film the same as the "revolutionary opera" of the late 1960s?
No, it's from 1991 and based on the novel "Wives And Concubines".
The "red lantern" is the symbol for which wife is in favor and will enjoy the attention of the master. In the end, there are consequences for a scheming "wife".
Gong Li stars and it is a very interesting film, with no martial arts and no flying through-the-air.
This new DVD release is as good as it's likely to get and I recommend this carefully-paced thoughful film highly.
See my link above for screen captures and the link below for more info on the story.
http://wm04.allmovie.com/cg/avg.dll?p=avg&sql=16:164398