The complaint is legitimate, especially because the domain is being used to slander the IP that belongs to Activision
If this domain was being used to provide legitimate information about the game, even if it was only a single line updated on a monthly basis, it would have been much harder for Activision to lodge the type of complaint that they will now succeed with
As an example, this site
http://crysis2.com/ is also being squatted but provides a legitiamte tie in to the name of the intellectual property that is owned by EA, therefore "Taking It" is not really an option
Also I don't see EA taking this type of stance against the owner of the site.
Domain Squatting is not the best way of doing this type of thing and neither is legal action.
TBH Activision is playing a very dangerous game, they have announced that they will be basing the new title off of a Internet / Server based system and now are seemingly intent to paint a red bullseye on that system by persecuting the underdog
This matter is best handled out of the public eye