It could be brilliant (Soderbergh). And if it’s bad, it should at least be interestingly bad.
At any rate it’s well cast. Zeta-Jones is a great choice for Cleopatra though Jolie would possibly be even better. And if there is any actor who can pull off a great performance in a somewhat absurd musical it’s Hugh Jackman.
Someone mentioned Pirates of the Caribbean but it's striking how many box-office hits were initially dismissed as disasters and follies. Passion of the Christ, Toy Story, LOTR, Titanic going all the way back to Gone with the Wind and Snow White and probably even further. Of course there have been follies which have flopped badly as well but still it's worth taking a risk once in a while especially with a director as talented as Soderbergh.