Sorry if this is old news but I only discovered it last night.
Aaaand since I have words to kill, here's a quick thought on the film:
First off, if you've gone to all the trouble of securing UFC video rights, you should probably shoot your proprietary footage on something other than your cell phone camera. Tripods, stabilizers, and full-frame video cameras should have been rented for this production. Everyone's on a budget, so it's understandable.
Less forgivable was the lack of any real storytelling. Because the UFC footage and basic elements of story do the heavy lifting it's no chore spending the hour and a half reliving those 60 days, but I was sad to see Anderson reduced to a caricature of his worst attributes throughout most of the film.
The film's final action sequence is both touchingly redemptive, and starkly indicative of what the film had been missing the entire time: Anderson, who is seen sparring with his clone-of-a son, comes off as a loving, sensitive, beautiful man who embodies the contradiction of what it is to be "like water". "Like Water" captures those two months of fight footage accurately enough, but it fails to give us much emotional content...which reminds me of another great Bruce Lee quote: "Don't concentrate on the finger or you will miss all that heavenly glory."