No, they really aren't. They look like something from ten years ago. The game itself is dull, uninspired and lifeless.
Yes, the game is lacking a director in production. It's not exactly uninspired, but it is a but dull and lifeless at times. There are definitely better games out there for sure.
As for the graphics, mainly it's a hardware limitation in that you can't throw textures and high geometry like you can a dedicated gaming console these days. But that's ok, because it was purposefully designed to be a swashbuckling Wind Waker clone. It's truly an art form to match the evocative retro effect with the hardware you have. A perfect example is Horizon Chase on iOS. The It's flat-shaded polygons with arcade style synth music. If that looks and sounds like a hybrid modern/retro Sega Outrun clone, you would be correct