It also had really, really awful reviews. It's currently got a 0% rating on Rotton Tomatoes with 12 reviews. I don't think I've ever seen a move with that low of a score.
I watched the trailer, and it looks like it might be kind of a neat film, but also that it would get boring and the constant jello-cam and shakiness of the Flips would get annoying really fast (I've shot stuff on a Kodak Zi8, which is basically the same thing, and it's awful to work with and the footage quality is pretty much complete crap for anything other than web video, and even then it's a stretch for a lot of things).
And the thing is, it's getting attention because it's the "first" feature shot on a Flip cam. That's part of the gimmick. You couldn't get away with it if it wasn't integral to the story. Even so, I think I would have opted for something a bit better (I think even the new iPhone's camera takes better quality video, even if it's lower resolution).