Just played the demo and based on that... Game is pretty much like an xbox version of God of War, combo system, being able to build up your skills/add more moves, being able to ride/control creatures, being able to pull enemies towards you with your weapon to then do some serious beatdown. Of course the game does have its little differences too like giving you the choice to absolve or punish your enemies, and in the powerup/skills section you can choose mods/upgrades for both sides. Game is supposed to be (loosely) based on the story and you do go through the nine circles of hell.
Based on the demo I am pretty impressed. Nothing groundbreaking but if you're into God of War and similar games this looks like it will be a really good one. I'll definitely be considering this game when it comes out which looks like will be in February. God of War III still isn't coming out until around March I believe.