Peter also goes onto note how despite the back of a major studio, King David ultimately did worse than Last Temptation at the box office. I do think Peter overlooks some of Last Temptation's bankability factors. Firstly, whilst King David did feature a star (Richard Gere), Dafoe and Keitel were also fairly well known by this point. Secondly, whilst King David had a major studio behind it, nothing sells a movie like controversy (just ask Mel Gibson). All publicity is good publicity etc.. Last Temptation had controversy by the bucket load, and as a result is still well known today whereas King David is all but forgotten.
Either way, as Peter has pointed out elsewhere, The Nativity Story is not the first Bible film to be released by a major studio in 50 years.