Not the gfx were amazing in B&W but the creature KI was. I guess (= no I am sure) you could achieve the islands, the water and the flora. ALso the special-fx are no problem.
I´m not quite sure about the little village-people( ). As I know they use a special technic to make so many little people at the same time.

Nevertheless it would be a great idea to make such a game. I am looking forward to see more of it