I tested through the demo, here's my initial feedback:
Movement of the ship is very smooth, hit box is definitely fair. This game reminds me of a mix of various 80s games like Silpheed, Bosconian, Xevious, etc. Great art, it drew me in from the initial screenshot. Love the little dialogs between chapters. Will this waffle maker get a spin off game?
I'm assuming that since this is a demo it doesn't have all of the features fully flushed out, since I didn't see anything that would be typical for this type of game like score, power-ups, lives, etc.
The only "issue" I think I found was in one of the early dialogs, there is the phrase "can not" which probably should be "cannot".
This is a great start and love seeing the types of games being made for the Playdate.