The graphics are Tron alright, no problems there. Played the light cycle single player a little bit, you can go up against some bots after you complete a very basic tutorial. Honestly, I'd rather play one of the many versions of snake that can be had on just about any cell phone these days. I didn't see any way to go first person, there's no overhead hud view of who is where on the grid, you use the mouse to control the camera which can get you in trouble if you move your point of view too low, ie you auto zoom in really close to your light cycle.
The disc game is really pretty bad, animations (what few moves there are) are very stiff, and the discs move too fast for you to block anything.. this isn't like the movie at all where the player had small rings around them. You have a grid of squares that dissapear when hit by the oponents disc, or you can hit the player to cause them to de-res. I think a disc game would be better in third person too, not first person the way the demo is set.
Really, just a 5 second "this looks cool" type demo before you decide the gameplay sucks and you quit.