I've played through the demo about 3 or 4 times today.
It's the new DMC. I never liked DMC4; it was really a huge disappointment coming from DMC3, so I'm glad to see Bayonetta is turning out well. I wasn't really interested in it until now.
That is a huge combo list too...the timing on some of them are a bit odd, and take some getting used to, but I believe they make the combat more fluid then the more rigid DMC controls. that "P - P" combo thing or anything of the sort takes some effort, but some of them are really spectacular (like the one where she straddles enemies, and pistol whips them to oblivion - it's pretty hilarious). I haven't used the sword much, on that note.
Anyone find out how to do Torture Attacks consistently? It's the one where she brings out 1. A Guillotine or 2. a iron maiden and basically kills the enemy in one shot (they get stored in the meter underneath). I'm not sure how to activate them, probably a stun of some kind.
Another thing I like: evading is easy. After a while, knowing when to press it is second nature, and you get a bonus from it too. I like being able to evade out of combos, especially - that's my big complaint with the NG series (not that I don't like NG2S, which I probably will buy as well)
I played the PS3 version - I think the problem with the framerate is because it's not set to 30fps for cutscenes like the 360 version. No 60fps during combat, though, which has me worried. It's still just a demo though, so it may be fixed by now (considering its JP release date is so soon).
It's totally crazy, and I'm looking forward to messing around with the combo system some more tomorrow.
I can't get the battle theme out of my head.