Early reviews do say that the film is visually stunning...but lacking in story. Reminds me a bit, actually, of the early CGI movies that had some cool and new (at the time) effects, but not much of a story. Twister comes to mind. The Abyss was another - though the director's cut did add a lot.
If this catches on, we'll probably see a few others like this and rushed attempts before we see it used successfully, a la LOTR.