Is this a parody?

I was just skimming through the latest trailers at apple's website and I stumbled across this one: The ten commandments. At first I thought it was a remake of the movie from 1956 with Charlton Heston as Moses. Then I realised that it is an animated movie.

But I can't figure out if it's actually going to be in the cinema. It seems it's a cheap-o version of The prince of egypt from 1998... it actually even contains a very similar scene when Moses parts the red sea. But it just looks so bad! Especially considering how many entirely computer animated movies has been put out so far... it actually looks a lot like one of those direct-to-dvd movies that comes out a month before the blockbuster version.

Anyone else think that it's a bit odd?