http://www.gaming-age.com/news/2006/5/3-17
The characters are rather primitive, but the background is pretty. I'd say it's an early build of the game, though. If I know Ubi Soft, they'll upgrade those models with Rareware-style fur and more polygons.
AHA, FUR, THAT MEANS IT HAS VERTEX SHADERS.
I'm pretty sure there was a GCN title called "Rayman Creatures" in development at some point - That didn't see the light of day, but perhaps this is what it became?
Anyway, if that's what the finished game looks like, I'll ****ing scream. It's meant to be next-gen for christ's sake - Where's the lascivious levels of fur and grass?
I was more interested in the kids with the Wii controller to be honest.
I lost interest in the Rayman series after II.
:(
It's coming to current-gen consoles too, which pretty much explains why it looks like a PS2 game. My guess is it'll get the Kong Kong treatment.