Could be true but please show me a picture of any other collectible figure and/or statue that has a better likeness to Elijah wood. It's certainly better than any Toybiz figure and at least as good as either the Weta bust or statue which each have their own faults as well.
For me personally I don't need a figure to be an exact carbon copy likeness of the actor. It has to be cool, well done overall and remind me of whatever character it's supposed to be. The test for me is that if someone comes over to my place and has no prior knowledge of the character/figure and knows right off the bat who it's supposed to be, the artist did his job. I think that'll be the case with Frodo. This statue has so many more positives than negatives so I'll chose to focus on those. Like the base for example, that's worth the price of admission alone. But if likeness to Elijah Wood is a major point, you'll just have to wait on Gentle Giant to produce a bust (which will be based on a scan of the actor) and you'll probably get a great likeness.
Now I certainly don't want to or mean to sway anyones opinion, if you don't like the figure then by all means don't like it. It's your prerogative and you have a right to an opinion as does anyone else.