Overall looks pretty good on the tech front. Engine appears to be pretty much entirely raster limited, you can enable a decent amount of AA for 'free' but a slight increase in resolution impacts the framerate decently. Overall looks sweet running 16x12, but certainly too slow to be playable for my board at that setting(I drop down in to the single digits in the big room when a grenade goes off). Their explosions are pretty damn weak, looks like something out of Quake2, given the rest of the engine I'm assuming that that is a placeholder at the moment. Interesting that the download actually has quite a bit more included then what you can actually see.
Some console varriables for those interested-
Map Testmap(you need this to start the tech demo)
Enable FPS
Res 1024x768
Res 1280x960(etc)
Exit(to exit the demo, you need to do this and relaunch to have the res changes take effect)
firstperson 0 (0 changes to third person, 1 changes to first person)
Models are low poly and it looks like it is certainly an example of another Doom3 style engine, not up to Doom3's levels but it looks like it should be quite decent for smaller dev houses looking for a lower cost option to Carmack's latest and greatest.