Surely you've already seen it, so I needn't provide a link. Likewise, I have no fresh opinions to add; it does indeed appear to be a cheaply-produced, lazily-written Shrek-like thing on par with 2000's Dungeons & Dragons. I would, however, like to use this underwhelming trailer as an opportunity to put forth a much better concept for a movie that would to satisfy the post-Peter Jackson enthusiasm for sword 'n sorcery.
A sequel to 1988's Willow, starring Warwick Davis (still around, still busy being Warwick Davis). Preferably not some jumping-off point to spur yet another cash-grabbing trilogy, just a single satisfying tale meant to bring back that world and its characters for another adventure, with Willow Ufgood having become a wise old sorcerer. Kenneth Branagh would be the best choice for director. He has a way of working genuine emotional strength into his movies, but doesn't let that hold them back from being visually stunning blockbusters. He also works often with Patrick Doyle, whose dreamlike melodies would fit perfectly into the Willow universe and do justice to the late James Horner's original themes.
This is one of several movie/TV fantasies I have that'll probably never happen (but hey, my hopes for Toonami and Phil Coulson were answered). Are there any movies or shows you'd love to see happen? A particular actor, director, or writer who'd be the best pick for bringing it to life?