It's not bad. The atmosphere is great, the leveling up sounds interesting with all the moves and stuff you can buy... but it plays just like God of War in the demo with the so little things you have in your hands (sorry guys for the comparison!). I mean, you press X (or send enemies flying in the air for the lulz) and/or then use magic and/or projectiles on some enemies if you have to... Grab them sometimes for something that I don't know what does yet... but that's about it! And quick time events, ugggh!
Also, I encountered a great game breaking glitch in the demo (two recent demos in a row where that happens, Army of Two: 40th Day and this). I was fighting Death and all of a sudden, when he did his grab move, well, Dante didn't do the animation after I repeatedly pressed B... so we were flying and rotating in space forever. What's funny is that he kept saying random quotes for like 5 minutes, haha (because I thought it was part of the game...)!
Will rent. It's nothing like Bayonetta, that one's a must buy. 
Random game thought :
Why is Bionic Commando Rearmed 2 getting so much hate? We finally get a real game and they're not even satisfied... I'm starting to hate the gaming community so f****** much...
