This looks horrible, thank god it wasn't released
By today's standards, yes. I remember seeing screenshots in gaming magazines when the game was announced and thought it was the best graphics ever zomg.
It's a pity it was never released, then we could have known if it was actually garbage from a first-hand account. Though with CV's 3D track record, it probably wouldn't have upped the ante any from CV64 or LoD because that seemed to be in a period where CV would occasionally try something new, then stick with that formula for a while.