I feel like the guy in the identifying wood picture.
Yep, it's WipEout.
And it is as awesome as ever. The demo is just one event, a 3 lap race on a track called Empire Climb. Empire Climb is a good track, reminds me of Fusion because the track is a little wider than it is in the other ones, and has a few branching paths as well.
There's 5 teams (Feisar, AG Systems, Qirex, Auricom, and Pirhana), and 4 liveries for each team (Speed, Fighter, Agility, Prototype), but only Feisar Speed is selectable in the demo. Icaras
The controls default to some new control scheme "Racer" which is baffling to me (airbrake on Square? wat), but you can revert back to the classic "WipEout" control scheme with ease. Oh, and Pilot Assist is on by default. Yuck.
Lastly, a HUGE negative: the menu music is dubstep

I hope the classic remixes in the full version doesn't mean "remixed by Skrillex". We have Explosi-WUBWUBWUB
Anyway, can't wait for the full game. I really hope I can change that menu music, though.
Currently messing with photo mode, will post some pictures in a few. Shame it doesn't support OS level captures, though... but then again, those captures do tend to look like crap due to compression.