Played through the demo a couple times already, just because the combat is so crazy. Which is what I play these games for, anyway. Ninja Gaiden Sigma 2 is my favorite action game (still sore about the lack of blood and gore the 360 version had), and in that light, you probably get why I find the mid-air combos and the over-stylized attacks so satisfying.
The control scheme felt really clumsy and unintuitive until about halfway through my second playthrough (of the demo). Then it just kinda clicked. Suddenly everything about it felt natural.
Hopefully the higher difficulty levels will give it a proper DMC challenge.
As for the grappling mechanics, I like having the two options. Say you've got 3 grounded enemies and one airborne enemy above them. You can either pull the flying enemy away from the crowd to keep yourself from getting surrounded, or pull yourself up to the bugger, kill him, and use a powerful attack to drop down on the enemies below.
Can't wait to play the full version and see how it is.