Someone already said that it's way too short :] And I thought I was the only one making few minutes demos :p
Anyway, what's done so far is great. I haven't enjoyed any demo that much for a long time. It has nice, non-RTP graphics, it makes the right atmosphere, the music fits well to situations. The idea of downloading the equipment is great, reminds me of GITS (so does the main character) and The Matrix.
Might I recommend a few things...
Animated panoramas - changing the hue of the panorama (SoSPan) by 10 ever 16 frames (wait:8) gives some really nice effect. Probably preparing more pictures with more/less saturation could also look good, but that's up to you if you decide to try.
Some SF HUD and an original menu system are a "must have"s for a game that promissing. Well, the HUD maybe not, but I'm guessing some life/energy display would look and fit quite good.
One thing I didn't like - the battle animations. They were rather crappy :]
Also i was hoping to hear the mp3 version of PE battle track (will you be using th "Explosive Attack" theme?:>)
I'm hoping to see this game getting even better. Best of luck in making it