Lazlo WTF: Repo Chick

The new trailer for Alex Cox's "Repo Chick" was released recently and I have to say I am speechless...I in no way mean that in a good way. I had been hearing rumors about this sequel to the cult classic "Repo Man" since late 2008 and had all sorts of pre-conceived notions in my head about what this movie was going to be like. I was thinking this would be one of those times when a DIY Writer / Director from "back in the day" would show all of these recent filmmakers how to get it done. A return of the classic cult film from one of the best, a new source of quotable lines for both the Gen X crowd and (whatever the hell we are supposed to call the current Generation) to embrace. But WTF? What I'm seeing in this trailer is nothing even close to the greatness of Repo Man. I mean check out the pedigree -
Repo Man was voted as the eighth best film set in Los Angeles in the last 25 years, by a group of Los Angeles Times writers and editors, with two criteria: "The movie had to communicate some inherent truth about the L.A. experience, and only one film per director was allowed on the list". Entertainment Weekly ranked the film #7 on their list of "The Top 50 Cult Films" and ranked it #3 on their "The Cult 25: The Essential Left-Field Movie Hits Since '83" list. That's a tough act to follow.
Now I will admit the reason I was so surprised and disappointed in the trailer were the visuals, super hot colors, and everything green screened to the point of ridiculousness. It looked like an episode of LEXX from the old Sci-Fi channel (Before they became SYFY) I can get the basic idea of the plot from the trailer and I'm not liking it, but I will say that for the man who wrote the screenplays "Sid & Nancy" and "Fear and Loathing in Las Vegas" not to mention the original "Repo Man" should be given a chance story wise, But I do not understand the look of the film. It's like he made the entire thing on a Mac in his bedroom in a week. So the question is, is Alex Cox just using his old successful title to move a film that otherwise would be laughed off of every distributor's desk? Or is this mad genius at work again?