Definitely, but on the less horrible than Food Fight side of the scale. There's not too much worse than Food Fight. Legends of Oz has a Ken Visleman level of complete and utter obliviousness to it. They promoted the heck out of it, it got a comic book prequel series and merchandising, and NO ONE wanted it. It's hard enough to warm anyone up to any Wizard of Oz adaption that isn't the 1930's movie or Wicked. That Disney one from last year was one of the more successful ones, and opinion is still volatility mixed on it. But I've yet to see a Wizard of Oz that isn't either of the two mentioned that has a sizable following. The 30's movie overshadowed the books in a high case of Adaption Displacement.
But let's face it. This was a fifth party animated film. Those don't tend to do very well. If Dreamworks isn't packing them in recently, things aren't looking too good for Summertime studios... which no one has heard of, nor ever will. Not to mention the obvious ick factor from the trailers, making it look like a generic kiddy animated film, and a lame one at that.