* The Pictures: We've known since the first teaser trailer that the quality of animation on the film was going to be poor. Everyone seems to be comparing what we have seen to the intro movie to Dawn of War very unfavourably with some reason. What Codex has produced so far is indeed below par and a complete letdown, even for those of us who weren't expecting Avatar-like graphics. Really, though, did we really expect anything else? The budget for this film is no doubt way below Avatar [sic] as well as most computer games. If you want decent graphics then GW would have to either stump up more cash or try and get a major studio to make the film - neither of which is likely to happen (remember when GW were sniffing around Dreamworks almost a decade ago?). Without a decent budget to do it properly, GW should really just leave it to the fans (for example, this and this).
* The Story: One common refrain seen across the blogosphere and on the comments for the clip, is an acknowledgement that the imagery is poor, but that the story will in some way save it. The fact that Dan Abnett is involved is, in some way, seen as a saving grace. Leaving aside the debatable quality of some of Abnett's work (notably Legion), do we REALLY expect a decent story? Just look at 99.9% of the Black Library's releases, including the audiobooks. It's all bolterporn with, in the case of the audiobooks, the only thing to signify different characters being that they have differing levels of gravel-ness in their voices. Equally, who is the film pitched at? Unless GW are insane, it will be pitched at their core audience: 8-14-year-old fanbois, who just want to see bolterporn and 'cool stuff'. Anything approaching an interesting story (at least for adults) is never going to happen as the core audience wouldn't want it. The story is going to match the imagery - it's going to be basic fodder to milk the fanbois
* First this and then...: Another response is that this is just a way of generating interest in the fluff, and once it becomes a success, a mainstream company will become interested in 40K and make their own high-budget release. Again, this doesn't appear to make sense: which Hollywood company (that wasn't already interested) is going to watch a poor 70 min piece of bolterporn that is just released in specialist outlets and think 'wow, we should develop this'? It's never going to happen. This is GW's only chance to make a go of it
Again, as I said waaaaaay back in the day when the project was unveiled, I'm willing to stand corrected on this, but....