Got around to trying v1.1 today. v1.2 is still my favorite version... yet the earlier demo is something else (heh). Each of the builds encourage a different gameplay style, highlighting different slices of the project in different proportions. The labyrinthine v1.1 maps where you can take cover from bosses who spit bullet hell patterns at you were what I imagined the game to be like at first, having only the screenshots and .webms to go by. In v1.2, the wide-open, mob-focused killing grounds where you must be quick or be dead lends itself best to the game's chaotic, Lovecraft-infused theme.
Why choose only one of them, though? Unless there's something behind the scenes making this endeavor impractical, I don't see why you'd have to toss one of these two perfectly viable game feels aside. You only have to decide whether one of them needs to become a completely separate game mode (think of The Binding of Isaac: Afterbirth's "Greed Mode") or if there's a way to mesh them well into a sole campaign. But please, give us the best of both worlds in v1.3.
Some other suggestions -- changing the way you show which ammo type is used by the current weapon: red text, besides being not very visible, gives the player a sense of urgency that would better be reserved for warning when the ammo count is running low. Transparency? Thicker outline? When picking normal ammo crates, giving the player a trickle of ammo for the weapons they hold other than the one currently in hand: switching weapons mid-battle just to be able to refill the correct ammo is... well, it doesn't suit a fast game such as this, in my humble opinion. This change wouldn't negatively affect players who'd want to take that risk, but would increase survivability for everyone else. Also, with an ammo trickle coming in, players wouldn't be sitting ducks if they decide to swap weapons and ammomaxx.
Playthrough: ~30 minutes. Completed a 4-map loop after some tries. Bosses fought: Behemoth, Shoggoth, Twin Pillars, Harut, Bartholomews.