The graphics aren't ugly, they're stylized. You really can't claim that any more than you could say that Okami is ugly. It's not: it's an art style, not bad graphics.
I was unsure about the game, but I've been reading about it lately, and now I'm completely sold. It looks like they're really putting some good concepts to work, and the amount of thought they are putting into it to make it truly mesh with the darker side of Disney's past is truly astounding. I'm freaking pumped for it, personally.
This is not the Mickey Mouse that we know. Not at all.