Just played the demo, impressions:
Holy crap this game is awesome. I swear, even though Famitsu is pretty loose with their 40s these days, this game is well deserving (going by the demo).
Let me just start by saying that the gameplay is amazing. When you're first in the tutorial, it's not that great. You start off trying basic moves one at a time. However, when you gain access to all of your moves, it comes together nicely. You can chain punches and kicks to form some really awesome combos (most ending with a gigantic, ethereal fist punching the enemy into pieces), as well as use your gun to weaken enemies and shoot in all directions crazily.
To complement the gameplay, there's some incredible graphics. They're hardly the best this generation, but they suit the game very well. And the environments are just great. Ever fought angelic warriors on top of the remains of a clocktower that's falling down a mountain? Well you can in Bayonetta. There are also some really great looking bosses, and everything is very well detailed.
In addition to all of these great things, you can steal the weapons of your enemies, allowing you to do whatever crazy stuff they were using on you. Angelic blades, giant axes, these are all things at your disposal. The story isn't explained much at all, but it's not like I expect it from a demo.
There are only two cons, which are big ones for me:
1. The camera angle. The camera pans in on your character all the time, meaning that your camera is turned away from enemies during a battle. Centering it is also difficult, since it moves very slowly. I guess I could get used to it, it just seems a bit annoying.
2. Bayonetta herself. She's distracting. For the life of me, I can't stop staring at her butt while she's moving. It's just fantastic. And she can use a combo where all of her clothes come off, turn into a demon, and savagely rip an enemy into shreds while blood spurts out from his body. I'm serious. Sexy and awesome, but I just feel like this game will make me aroused too much.
There are my impressions, enjoy. There's still probably some stuff I didn't cover, because the game is just that jam-packed and incredible.