No kidding. Judging from the clips that've been released, the graphics look slightly less advanced than most PS2 games I've seen. Final Fantasy: TSW, though a pretty poor movie, was light-years ahead of this "production" in terms of CGI, and it was released way back in '01!
If the plot looked promising, I might be tempted to look beyond the shabby CGI, but - alas - it sounds to be even worse than the PT in that regard. ::sigh::