Takeuchi said the demo would be the four-player co-op level shown at E3 this year. We had a go on that when swinging by Capcom's stand, and thoroughly enjoyed collaborating with three others to take down (or rather, fail to take down) an absolutely gigantic insectoid boss using rocket launchers and bipedal mechs.
The level combined Lost Planet's familiar third-person shooting with something of the Monster Hunter or Phantasy Star Online, we thought: the thrill of collaboratively, systematically taking on a big monster was straight out of those great multiplayer RPGs.
Takeuchi also mentioned that it will be possible to replace players with bots, as well as set up custom weapon sets and other character customisations through unlocks. It's unclear whether these features will make it into the demo, though.
The game is due for release on Xbox 360 and PS3 next year. More info at the Lost Planet 2 gamepage.