It's like 20fps in the actual level

it's playable, but holy shit. The boss fight (not the statue, the part after with the chick) is almost a solid 60fps. The graphics aren't all that hot, but the animation is really fucking nice. Style-wise, it seems every bit of "lol japan" as the trailers have lead us to believe...cheesy music, way too much sexual innuendo for a 15 minute demo, a taunt move where she says "you wanna touch me?" while striking a pose....
The action is like a combination of DMC + NG. It's really fast and loose, she reacts to like every touch of the controller, like Ryu, but with a lot less gravity and really high launches/jumps. You get weapons after doing finishing moves. They seem stronger than normal attacks. You can go hand to hand or use her Katana. There seems to be a fuckton of combos. The chick boss fight is a lot of fun, since you run all over the walls.
Seems like it'll be a legitimate new hardcore action IP. but man, the framerate...

Hope it's a solid 60fps on the 360.