I downloaded the demo that came out today and damn, I can't wait for this game to come out. I uploaded a clip of a part of the boss battle. There were a few little boss battles leading up to this and they were pretty epic. The combat is really good and the level design is pretty interesting. It constantly flips from typical 3D open area fighting, to side scroll, to top down. Hopefully this doesn't lead to wonky camera angles in the full game when you transition between parts of areas.
My only gripe is the health system. I don't mind consumables but the way you access them is not very good. You have to hit down on the D-pad and select it with O. But you have to time it kinda right. If you hit down and press O too fast it doesn't activate properly, if you wait to long, the pull down list goes away rather fast. Another issue is there are 3 types of HP consumables small/med/large and you can toggle them. With how fast paced the action is, you don't really have a lot of time to look down and pick the right one if you need it during battle. There are also offensive and defensive buffs that as far as I can tell, can only be accessed from the pause screen... which is even worse because they only last 15 seconds... that's something you want to be able to access on the fly.
Either way, I'm definitely getting this. Its very Steampunk God of War/Contra/Ninja Gaiden. lol I assume you can upgrade your abilities later in the game since there are level ups and seemingly a crafting menu.