The Demo is available on Xbox live - I have to say I'm really impressed with it. Initially I was underwhelmed with the graphics of the aircraft sitting on the runway, but once you are in the air and getting used to the flight controls (which work suprisingly well on the Xbox controller) the scenery and overall look is fantastic, the shadows and little details like scratches in the canopy perspex in the sunlight are really nicely done.
It feels less arcade and a lot closer to the PC version than the previous game, definate purchase for me.