I wouldn't say it looks awful. I'd say it doesn't look right in a lot of key places. It looks like they're changing the origin quite a bit, which, I would have thought by now, movie makers would have learned is the worst thing you can do when doing an already popular story for the screen. If the story was strong enough that you thought it would make a good movie, why change it? If it's not good enough, go write something better.
I didn't really watch a lot of Dragonball, only Dragonball Z, so I've never really understood the Piccolo origin too much. But I don't recall a shape shifting chick. I guess I don't mind Bulma with guns. Truthfully, I'm surprised she never shot anybody in the series. But I do tend to be forgiving when the girl is as smokin' as this one. Have you seen Chi Chi? Jiminy!
I'm sure I would have written this differently. It would have probably gone with a more ethnic looking Goku, maybe someone with a more Filipino look. Kinda that cross between Hispanic and Asian. I just feel it would have suited the character better. Of course, they had to get someone who could act, but in the trailers at least, this guy just doesn't exude the machismo/goofy/tough guy manner you expect of Goku. Maybe he's more convincing once we see him acting, but I get the feeling he's going to play it straightforward.
I'll reserve judgment till I see the end product though. I might be an alright movie, and the fighting and special effects look on point. What's going to make or break this with the audience though, is how true they are to the spirit of the story. If they twist it too much, even people who have no idea what the original Dragonball story is about will sense something missing in the film (which is what happened with Electra) and it just won't resonate.