All it looks like on my screen is a 2d image painted on the screen, everything else in the environment looks absolutely spot on - this is just one of the things that ruins the illusion of the game.
Actually, it is a 3D model.
I thought it was a 2d bitmap too, until I was lifting a board and the lightstick passed through it.
That's just the nature of self-illuminated objects. A major cue to dimensionality is whether something has a shadow on its surface.