Not as bad but still bad.

Just saw the film there.

Yeah it's a bad film, there's no getting away from that. The acting is terrible from almost everyone bar Nikolaj Coster-Waldau who was ok. Gerard Butler was probably the worst offender as he totally hammed it up.

The effects seriously look like they are from 1995 or thereabouts and the whole visual look is totally over processed. I think they were trying to god for a Thor/Asgard type look but it was just obvious and terrible.

To be fair though I liked the concepts in the film and some of the visual design like the floating Ra ship above the flat Earth was actually ok and I found myself getting into it a bit about halfway through but it went on for at least 20 minutes too long.

As for the whitewashing...

...well I'm going to go against the grain here and say it wasn't really a problem because this world presented in the film is Egypt in name only and is a totally fantastical representation of what could easily be interpreted as an alternate dimension. Seriously, this Egypt is about as far removed from the real thing as The Bahamas is from Mordor and if they set it in a land with a different name and changed the characters names then it wouldn't be a problem.

Also I understand the studio's line of thinking. They need bankable and well known stars to sell a film like this and I'm sorry to say that there are no Egyptian actors with that sort of worldwide popularity. Bar Omar Sharif I, without Google, certainly couldn't name you one other Egyptian or Middle Eastern actor and especially one that would be universally recognised.

To be fair I think the Egyptian/middle eastern actors of the world dodged a bullet by not being in this film and if they had been then it would have been a huge black mark against them in the industry and they would probably be blamed by racists for the film's failure.

But anyway to summarise, I don't think the film is quite as bad as everyone says but it's absolutely not well acted and the visuals are pretty terrible.