OK, impressions of the demo:
The framerate is as god awful as everyone says it is. Absolutely abysmal. When you have more than two enemies on the screen, the frame rate TANKS, >>EVEN WITHOUT THE 3D ON<<. It causes lag in your button inputs, which can screw up your combos, make you not jump, or attack, or the action that is about to save you from being hit in the face. Then with the 3D on? Pfft, good luck man.
The combos feel limp compared to the first game. Some stuff works, some doesn't. There doesn't seem to be a huge different in area and direct attack base ranges either. They're both pretty short. I did however like how they simplified some returning moves, such as the hold Y. Overall I don't mind this kind of combat system in a 2D platformer. I wish the controls were tighter though.
The controls are laggy and the character feels slow. You also don't have nearly as much control over the character as the old games. Everything seems sluggish. Some of the controls aren't very intuitive either. There is no excuse for pulling in the LoS1 ledge system into a 2D game. You don't need scripted ledge sequenced in this kind of game. They make you go through it too, or suffer fall damage. What an annoying and useless design element.
I had already cancelled my preorder, and this demo made no headway in getting me back on board. I was really hoping they would pull it together here and deliver something great, but I can't say I'm impressed. I'm skipping this one, sorry guys.