The visuals are impressive and the combat system is pretty interesting. You have a base set of moves and combos and modifiers that change the types of attacks. The one odd thing, I didn't see a "block" function, so you are either dodging or on offense. You can pick up and use things quite easily as well. The moves are impressive looking and very fluid a la Prince of Persia, and there are special attacks that give you a somewhat slow-mo close-up of the crazy move. So far, looks like a winner.
Here's the bad news...it takes a LOT longer to download than it does to complete, so be aware of that.
The full trailer for Resident Evil 5 is up also.