I tried the demo, and while mildly interesting, and without any demo levels where you play as the ice cube or cloud, it felt more like Loco Roco but with liquid than it did anything else. The whole science textbook diagram layout is clever and interesting, but I can really see this as being only entertaining in the same edutainment kind of way as the new Raving Rabbids history game is.
I also watched the Developer's Voice video that was on the Nintendo Channel, and it sounds like the motion control was one of the major reasons they approached Nintendo for it, which sounds a little limiting to me. While Nintendo definitely influenced the game's final design (at least according to the video), I don't see why this couldn't have been on PSN as well. On that note, I also don't understand why there is no Loco Roco/Patapon HD PSN release, but that's neither here nor there.
Its interesting, but the demo's similarity to Loco Roco just kind of turns me off from it. Maybe if they sampled one a part of the game with the ice element I would be more interested.