The game is completely 2D; even the free-roaming werehog stages are side-scrolling. The graphics are quite impressive, and are in a similar style to Sonic Rush. Unfortunately, probably due to the limitations of mobile phones, there are no parallax effects.
The game has an expected release date of this month in PAL regions. At the moment it looks very promising - perhaps an enhanced console version could be released in the future!
You can view the trailer below. See some screenshots of the game here.