I thought that the "truncated" editing of their encounters were intended to reflect their own truncated relationship and sustains the sense of longing.  There is an article on the Village Voice about the film where Maggie Cheung recounts how horrified she was that so much shot footage didn't make it into the final film.  She had completely envisioned a different fim.  Personally, I thought that by showing just "fleeting glimpses" of their relationship, Wong stayed true to the idea of "missed connection".

Incidentally, I agree with you that "In the Mood for Love" and "Yi Yi" are the films to beat. :)

acquarello