I really like it. I've been saying for a while I want someone to make the 'Mario Kart' of first person shooters. In that the game would just be silly fun where all skill levels can have a good time. Mario Kart has a natural catch up mechanic where players in the back get better drops so they can stay in the race. You have captured that same feeling while not punishing success. Doing well gives you extra lives so you can stay in the game longer, but doing badly means you get more powerful. So in theory the worst player is going to kill the best player a couple of times once they get armor and good weapons, but the better player will still win once they even out the upgrades a bit. The worse player will still have fun as they won't get totally stomped.
Overall it also feels quite polished, the graphics look good, highly stylized and appealing. The gameplay is really smooth. Maybe there could be better sounds, more satisfying splats when people die, woosh sounds when projectiles fly past your head, a recognizable breakage sound when armor breaks... that kind of thing.
Really like the demo and look forward to the full game