Is that hyperbole or are you actually foolish enough to believe what you just wrote?

 Do you even know what a N64 game looks like.  Soul Eater game does not look too impressive but come on a N64 game.  If this was made in tha generation, then the game would be tenical masterpiece.  N64 looks quite blocky.  I mean, look at LoZ:OoT for references

It's a figure of speech. I know this looks better than most N64 games, but in all reality, check out this screenshot http://www.famitsu.com/game/coming/__icsFiles/artimage/2008/04/09/pc_fc_n_gs/s05.jpg and tell me it looks better than Perfect Dark/Majora's Mask/Conker's Bad Fur Day

The graphics don't look that bad. This could be an early build, too, so keep that in mind.

Also: Any word as to whether they're changing that silly name for the NA release?

Using an obviously scaled down image stored in a lossy format as a basis for any kind of graphical comparison is foolish.  Is that really what you're suggesting here?

@Soriku: Is it me or does some of those screenshots remind me of KH II.

The part before you go on that big tower...

 anime games other than Dragonball Z and Naruto, to a lesser extent, don't even sell that great so it is not suprising that the game is apprently low budget

This isn't a DS game?

Eh, don't really care about the graphics beign sub par though. The graphics seem to fit the whole anime style thing they're going for.

White haired kid looks like a mix between Laharl and Gig from two Nipon Ichi games.

While the girl looks like she's from bleach or something. I'm sure it'll hit it's intended target.

N64 roffle. I'd say Dreamcast.

Granted, I doubt this game is going to leave Japan anyway. Whatever low budget project this turns out to be will be more than made up for by FFCC, FFhXIII and KH3.