Uhm yeah, I tested the Beta a while ago and it was utter crap, I really expected more.
The graphics engine is really sloppy and in no way adjustable yet.
The sound was so much of a pain in my ears I had to disable it.
The multiplayer function, which is so far the only function in the game, is so bad coded, that it takes hours to find someone to play with and to find someone who doesn't actually disconnect after some time (due to the engine).
The AI is disabled, so you can't just make a quick testplay to test the game, no, you have to wait hours for someone to play with. And then you have to wait hours for him to make his turn.
Overall, this is one of the crappiest demos I've ever played. Don't get me wrong here, I love HoMM and I can't wait for the final release, but this is really just crap.
And just for the note, since the HoMM fan-community was equally turned off by the demo and boycotted the release, Ubisoft delayed the release, so I don't think it's as "here" as you think.
http://www.saveheroes.org/