I played it a little bit, and deleted it. The game just didn't do anything for me.
The graphics were pretty good, but I didn't think they were anything spectacular. The water was nice, but again, nothing exceptional. Morrowind's water looks that good when it's raining (for some reason, I think Morrowind's water looks much, much better when it's raining...).
As far as the gameplay, I sure hope the full version is much better. In particular, the balance was way off. The ninja level was far too easy, and the sub level much more challenging by comparison.
I also have gotten very tired of searching around for little things to get through a level (Attempting to find the secret codes on how to open the mailboxes was just stupid...).
But, I didn't like the original NOLF demo, so I don't know why my feelings should surprise anybody.
As a side note, I had fun looking at some of the signs in the ninja level. I noticed one that said "Ramen" on one of the walls. That seemed a bit out of place. I also noticed that there was a smattering of Japanese and Chinese signs (I know just enough Japanese to know the difference between Japanese and Chinese writing...), combined with a number of Japanese signs that you generally wouldn't see in Japan (the text was too simplistic...).