I played through the whole demo (360). While I enjoyed it more than a lot of people seem to have on this board, two pretty glaring issues stood out.
1. Combat. I was really disappointed in the combat physics, the melee attacks in particular. Combat felt like I was swatting at air, and there's no feedback or cue to tell me if I hit anyone. This is especially the case when you hit someone and it doesn't cause enough damage to change the color of their ring animation. You swing through them like you're striking out in baseball. That kind of sucks- it makes combat feel really off. Also, this "swatting" issue isn't the case with the ranged attacks- those attacks visually "hit" enemies (even though the hit animation is far too understated for whatever reason). So why can't the melee attacks do the same?
2. Loot. I noticed that, even after carefully equipping all this cool loot I was getting, my character looked the same, my attacks looked the same, and my weapons looked the same. That was a bummer. So I guess when I get the Level 30 super epic "spear of holy-sh*tballs-you're-all-so-dead-now", it's going to look like the stock weapon I got at the outset of the game? That's like ARPG 101, guys: when you loot the cool sword/spear, you're supposed to be able to see your guy swinging the cool sword/spear.