Nintendo Power regarding the combat system: "...occasionally felt drawn out, but we're hopeful that Konami will refine the pacing in the final product."
OK, watched the demo video. Honestly, what Nintendo Power talked about, that might be the game's biggest issue. I don't think they'll change it much, because it seems to be what they're going for. They really are trying to replicate that LoS smack-down combat. As a result, the skeletons are going to take 5 to 10 hits, and there was one knight, confirmed as a regular enemy by Cox, who took about 20 hits. With the closed off doors and arena battles with blocking, this is sort of like a 2D LoI.
As an aside, I think the ceiling-grappling is a bit too on-rails still; an automatic button press versus an aiming skill like IV.
Outside of this, there is a lot to like about the game from the demo, though. Unfortunately, I think a lot of people are going to have to leave their thoughts of Castlevania at the door, and just see it as a sort of toned down Lords of Shadow. Combo-mongering is quickly becoming one of the biggest issues of modern gaming. (It looks cool, but it hampers game design flow).