I downloaded and played the demo today, and it was awesome. The snow/ice environment is very well done, and some of the monster/insect/animal thingees look amazing. It's fun too - The aiming mechanism is much more precise than I'm used to so that didn't help, but I'd rather have that and have to get used to it than have crappy aiming.
Sadly, I have to return this game to Blockbuster today. Really ruins my week, because Lost Planet is by far the best shooting game on the 360. The monsters are freaky as **** the farther you progress, and there are lots of cool little moments that really feel like action-movie stunts: at one point, you have to jump through a hole to get away from an enemy dropping bombs. What you don't know before hand is that you're jumping into a nest. You have to hang from your grapple and figure out how to kill them all.