i wouldnt be so negative as Sina.
as far as FPS's go, it's far from being bad.
it's pretty rough around the edges, no doubt about that. but there are some good things.
the atmosphere is way better than Doom3 ever was. at least in the movie no predictable cheap "haha i just spawned a zombie behind you while you werent looking"-thrills. the "spooky" sequences might not be something that scare you, but at least they are good in setting the mood in a "Max Payne meets Vtm: Bloodlines" kinda way.
the combat itself is fairly good, althoug the slowmo seems pretty cheap to me (you can use it way too often). the weapons (which obviously they put too many of them in the demo, just to show them off. dont expect them to drop so fast in retail.) are pretty good. while many of you will resort to spraying, it is a lot easier if you take a more 'real world GIGN: 1 shot, 1 kill'-approach. almost all enemies go down with a single shot or single burst to the head (as they should, unlike many shooters).
the animation of the enemies is pretty much a big success imo. their movements are polished & look at least believable.
there are some anomalies in the AI. that is not only due to scripted events. you can for instance instagib the first soldier you encounter with a pistol headshot (he will actually gib when you do that, splatter all across the room, i wonder what that is all about), while the guard standing in the room next to it WILL NOT react to the single shot fired (and the blood splattering all across the room). if the pistol had been silenced, then maybe i could live with it.
on the other hand, the AI will react to your flashlight. if you shine into a room without entering, the enemy will warn his friends (maybe even lob a nice lil' grenade your way).
graphically, it's pretty stunning (at least it looks fucking sweet on my pc). the water might not look like water (i dont understand why all games want to turn water into quicksilver mirrors), but i guess that aint the end of the world. smoke, animations & environment are rendered pretty well, although stuff like grass or vegitation suck (but hey, this seems to be an indoor event, who gives a damn).
the story itself might be a bit flimsy, but interesting to say the least. i really want to know what that girl has to do with it. some poltergeist ripoff perhaps?
all in all, i look forward to the release. it might not be everything might hope for, but it looks like it will at least be one of the best FPS games this year.