I agree with you man, but having recently bought the game, I can honestly say it's worth the $32 I spent (PSN ran a 10% off thing). Graphically, it's nothing to write home about, but it still looks pretty good, and more importantly it's really fun and challenging. I've played 3 rounds so far and have a total of 2 birdies, and I shot 15 over on the "Augusta" course.
The best part of the game is the plethora of online features. It's really fun to play against the ghost rounds of your friends, or just random people, and the ability to share created courses means there are 10,000+ courses to choose from.
If the PGA license matters to you, this isn't your game. Truth be told, the create a player options are a little underwhelming too. If you like a tough, strategic game of golf though, it's worth it easily.