I played the demo as well, and I have to say I am looking forward to play the game. I'm even tempted to get it right away and pay $40 for it which I usually never do.
The game seems to be an interesting experiment. It breaks in many ways with the standard fare of gameplay elements in games; it seems to try a new approach of storytelling which isn't even on the axis of the Miyamoto approach on one end, and the Lorne Lanning approach on the other end.
Based on the limited demo, I have only one gripe so far. In contrast to Ico the accessibility doesn't seem to be there. Ico could be played easily by everyone, and it was very easy to get into; and the controls when climbing one of the colossi aren't the easiest ones with changing camera angles.
...on the other hand, this flawed part might even enhance the gameplay experience if it is in balance with the story and the atmosphere of the game. If it turns out that the core intent of the game designers was to show the questionability, doubts, mystery, and hard work to defeat huge innocent beasts, then this seemingly flawed gameplay element would make sense.
Well executed or not, in the end this game is worth checking out because it seems to deliver a very different game experince. It seems to be unique and different -- and when do we get these kind of games nowadays? Not very often.