Well, the gameplay is very much like ME2, as in almost identical. That's a good thing though. The cutscenes are a lot more extensive, you can tell there has been put more effort in the storytelling. The game already looks awesome on xbox, and the environments seem to be larger and have stunning views.
It looks like battles will be more epic, there's more enemies in a wave, and heavier too, and there's more room for tactics, I feel like flanking is a lot more valid tactic then in ME2, there's more room for it and the AI behaviour lends itself for it too. For the tougher enemies it's almost required to flank. I feel in ME2 I could get through the whole game by sitting at the first available cover and then shoot everyone from there. Now the AI seems to advance and move around more, so there seems to be a need to be more agile and tactical.
The whole thing feels polished to a shine, not sure if you'd consider the demo as spoilers. The first mission is 80% narrative, but doesn't give much more away then what we already know what the game will be about, and the second mission is a mission from later in the game, it's not very long but sweet, 95% battle and doesn't contain any main storyline spoilers.