Let's put aside that this game takes after Wipeout 1/3/20, three of the greatest futuristic racing games ever. Let's put that aside. Let's put aside the amazing quality of the screens which to some doesn't indicate the quality of the actual Wipeout visuals. Let's put aside the amazing video which displays it in all its grandeur.
Why are people interested in it? Because it's super fast paced, offers weapon based vehicular racing combat (like a more fast paced version of Mario Kart, except... crazier), implements the new weapons for energy strategy system, has incredible visuals, a potentially awesome soundtrack, and much, much more.
The fact that you think it "looks lame", however, just indicates you're beyond reach; you have your blinders on. I'd love to hear you insult the visuals when you put this bad boy next to any game on a certain Nintendo handheld. But then there's no accounting for artistic direction, eh non?