I just finished the demo, and compared to everyone else here I'm thinking I'm going to be a bit more hopeful about it.
First and foremost, I had no problems running it. I'm not sure why some of you can't play it. Perhaps need the latest version of DirectX or something?
As for the game itself, it's hit & miss. On the positive side, it's the closest thing to Freespace 2 I've played in almost 8 damn years, so that's something in and of itself. There's a lot of shooting, the cutscenes are well done, it's very pretty, and it seems like it'll have a level of mission variety similar to FS2.
On the downside, it's lacking a lot of configuration options; I can't even select a resolution (I'm assuming it's using the monitor's max resolution, 1600x1200), I can't map my Sidewinder 2's hat or z-rotation abilities (even though the game has rotation mapped to keys), and there are some buttons that do things that are bound to their default keys and aren't listed for remapping. I really, really could use a manual so that I knew what everything did, I can't tell if it has even half the complexity of FS2's controls because of this.
Also, the game suffers from clutter; there's a lot of trash in space that is supposed to be ships and stations and what-not that don't stand out because there's so much of it and it's all using dark, muted colors that blend in to the background. None of this trash is targetable either, and this also goes for capital ships which are fixed position entities that feel more like a piece of the background than the current mission (and not really to FS2 scales, either).
Finally, it's a translation. It's not a bad translation, the voice acting is about as good as FS2's and most of the dialog makes sense, but at the same time there are flubs here and there, and overall I'm just kind of lost at what's going on in the middle of a mission as a result (in other words, just keep shooting ships until the mission is over). Also of note, the RPG-lite elements of ship customization seem more a hindrance than a benefit; FS2 players will want to find a build that involves an agile ship with a high RoF energy weapon that doesn't generate too much heat(heat == FS2 power usage). Once you have that, it'll play a lot more like FS2.
Overall, in spite of my spending more time pointing out flaws than things it does well (a side effect of FS2 setting the bar so high, I suppose), it's not a bad game. It's not worth the $30 it's going to retail for right now, but it's something new in a near-dead genre that's worth playing once the price drops to $20.