Character portraits have been finished for all characters. The soundtrack is coming along,
too. Check the Media section for MIDIs from the OST.
Current Estimate for Demo #1: March 2005
The first Demo will show off some of the features of the battle engine. Not much in the way of characters or story will be revealed in this demo. If you've played any of the demo discs for Final Fantasy VII - IX, that's a good idea of what you should expect.