The demo gives at least some credence to Tecmo's (well, Itagaki's) longstanding boasts.
The camera is really impressive given how fast the action plays out. You are able to "center" the camera at any time, but I found myself rarely having to do this, and never in the midst of a battle. Moving the right analog brings you into a first-person mode, allowing you to examine your surroundings. Otherwise, you simply don't use the right analog; you move only with the left analog, and the in-game camera somehow manages to keep important things in view at all times, making for very intuitive and fluid movement. It was only after checking things out in first-person mode that I found it occasionally necessary to get the camera centered.
Combat is awesome. Aside from being surprisingly deep (blocking, counters, rolls, specials, shurikens, wall-leaps, 180 degree dashing slashes, and absolutely insane combos), it satisfies the basic action game requirement: it creates a ballet of bloodshed that immediately makes you look like a complete bad-ass.
