Well, after watching that I would be embarrased, too. Are the filmmakers disowning it?

Another question is, is The Phantom relevant, or even viable in today's world?

I think you *could* do a good Phantom, but it would be hard. I'd do it either as a period piece about the original Phantom, or set it in the future as the last cartoon did. But this looks like a script that was developed for a while, then fell into the hands of people who didn't really want to do it, so started dissing it. Also,it's okay to reject the suit if you come up with a BETTER one, not if you don't and your alternative looks cheap.