I still think it's bad.
The lighting is terrible, that big monster looks pretty lame with the huge black shadows from the oversimplified geometry + overdone normal mapping + lack of ambient lighting.
The water has only one direction in waves, a simple 1D deformation, just look at it in the distance. Pretty lame again.
I could go on but the point is, it lacks any kind of polish, and even though some of the source art is good, the result is a rushed, ugly look...
That's my 2 cents here. Seems like my tastes are quite different from the majority here.