Just came across it an hour ago. I was kinda looking forward to this game, so I decided to check it out. A while ago I posted a link to a lightcycle game called Armegetron, and to be honest I think that game plays better than this one does. They tried to expand the lightcycle mode with several types of powerups, but none of them are really that great and just seem like a gimmick. Also, the camera for the cycle portion is pretty annoying....you pretty much have to use the mouse to control your view.
The demo also has a sort of duel mode with players using discs, which seemed pretty slick. Granted I had no idea what I was doing against my opponents, but I could see it being pretty fun after getting the controls/gameplay down.
Overall looks pretty good, but I'm mostly looking forward to the singleplayer portion of the game. Link for the demo:
http://www.worthplaying.com/article.php?sid=11413