The title is fine. It refers the Old One's quest for souls. He is the demon in reference, and he's looking to possess the souls of all.
Also, the class system is fine. It's open ended to allow any player to go in any direction he chooses, becoming a mix of whatever playstyles he so wishes, yet it still gives you some initial direction through the various class options, giving you an initial prod in the right direction. If everybody started with the same stats, it's inevitable people would find an optimal way to progress (don't start with magic! it's so much easier if you focus on strength first!), thus detering players from going in other directions due to the inherent nature of the game.
The online system is also fine, as it has effectively made an MMO feel like a singleplayer experience. And honestly, would the game be near as scary without the fear of a black phantom invading your world and shanking you in the back ON TOP OF everythign else they're already throwing at you? :D
