Small team and limited budget, I'll give that, but limited time doesn't automatically mean rushed. It could also mean they're told to deliver the game on time, without delays. Capcom did have a couple bad years due to delays of major games (RE4 took nearly 5 years to get finished from all the builds thrown out), and Capcom wants to avoid that.
From what all these screens show, they have most of the structure of the game in place. It's all about the polish now. As in lighting and enough zombies on screen.
If they don't get it all done on time, that would suck, but it won't be for lack of effort, nor will it magically make it shovelware.
A flashy-first game is awesome when it comes out. A great-first game is awesome forever.
Plus, just for the hell of it: Kelly Brook at the 2008 BAFTAs