First off, I really find that the 360's analog sticks work real bad with this genre of game, it was clearly made with the Dual Shock/Sixaxis family of controllers in mind. It's so much more uncomfortable and awkward to rapidly turn around, especially when you apply constant pressure to the two sticks at the same time.
Now onto the game, it's nothing but the PS2 engine in HD. After about 30-40 minutes spent on it I was shocked to see that it already shows 20% of completion being done. It uses a lot of the same music and some of the same menu/presentation screens too, when the King of All Cosmos is about to rate your katamaris especially.
When you're in the game it isn't impressive at all, this is a game engine that was made with the PS2 and SDTV resolutions in mind and it just doesn't really draw you in. Not to mention that there is some severe slow down at times that isn't due to you colliding with objects (wtf?), and even objects that draw in. HELLO, HOW THE FUCK IS THIS POSSIBLE ON 10x BETTER HARDWARE?
What a disgusting, lazy job from Namco. At least I guess that level design seems to be OK. If you like the past ones don't get it until it's under ten bucks, otherwise avoid. If you've never played the series then get the much cheaper (and better) PS2 games.
The music is boring as hell too, seems to consist mostly of boring ballads sung by women. The title screen music (the one that's featured in the demo) is the only one that seems to be remotely catchy so far.