I don't care for the menu system that much. It's fine for a small demo, but I don't see it being good for a full game. Graphics seem to have really changed the environment. I'm not observant enough to tell how good the cars look, maybe a bit better, but the environment looks better (if not a bit too bright/colorful).
Physics...the most important part of the demo to me...seem to have minor changes. Maybe those minor changed are important to hardcore sim drivers, I don't know. Stability under braking is very different. Like someone said, trail braking may be more useful with these physics. Power oversteer may be a bit more sensitive, but basically the same. Again, nothing seems to be a drastic change, just an evolution slightly closer to what's desired.
Feldynn, that shitty Leaf did some interesting things. It still had certain understeer as would be expected, but it had lift off oversteer that could actually be dangerous. I think if this car (if it were lighter) could make for very entertaining racing. (if I recall, the leaf has a very balanced weight distribution for FF, so this may not translate to other FF cars.)
I also got a pretty good time last night. Some of those slow corner combinations make it easy to lose tons of time.