Just woke up and played the demo and I love it. It feels right, the level design seems right (is there a way to climb that tall room with the platform out of reach?), the enemies are cool, it looks great, the menus are cool, and it runs great. I was using the sword off a ledge and I did a downward angle swing and gasped. It is in desperate need of AA, though. Can you force some on it with ATI?
It'd be nice to add some touches to liven up the place a bit more, like some moving lighting, rats, or animation for water pouring in where there are hull breaches and you're running in water. Just some stuff to kind of make it more alive. Not sure how much of that kind of stuff would be out of budget for the final product.
This has me very excited and hopeful!