Things I'm not so keen on: A lot of the Battanian armour. While the imperials have lovely looking scale, the Battanian scale looks rather flat and there are a lot of vague leather and fur sections flung over the top of some of the troops. I don't like the ultra gruff command voice either, nor the stuff popping up at the top of the screen and the 'perk' pop ups at the bottom when choosing your gear. Looks a bit like other games, not an M&B game, not a medieval game. But that's a minor gripe. I also had a slightly uncomfortable feeling that the map designer wanted it to look like a Total War village map. Also, it seemed to me horses were getting killed rather easily even when armoured, but I suppose armour can't be as effective as in reality for balance reasons and perhaps the damage settings were modified for this demo (I don't know what an average amount of damage to deal in Bannerlord is, but a lot of the figures looked quite high). Finally, although I haven't had chance to have a long look at the video yet I didn't see an option for crossbows for the imperials; in previous campaign mode videos there was such an imperial unit. I wonder whether crossbows are one of the weapons available or whether they are not in this game mode for whatever reason, or perhaps the unit has been scrapped.
Things I like: It's good to see multiplayer in some form at last and overall I feel positive about this game mode. The AI seemed pretty effective; dismounted and isolated players were getting surrounded and killed effectively (though of course we've seen this in other videos). The cloth physics look good, the different classes seem to have inherent advantages that are explained in the troop/gear selection stage, the fact that we can customise the weaponry of the troops is great, I loved seeing the cataphracts using a two handed lance, the imperial velites looked pretty good, the UI and kill feed looks neat and tidy and doesn't take over screen space as it does in Warband. I really liked the sounds of nocking and loosing an arrow, and of the shouts of pain from men and horses. The animations generally looked very nice, I think they have done the overhead spear attack very well in particular, though sometimes the use of shields does look a little bit robotic (both in the sense that it is quite an abrupt motion and that troops in one place tend to use them in perfect unison with one another, rather than some of them being quicker than others). There was very little clipping that I noticed. The death animations for horses seemed to have some variation (horse slumping to its side rather than just face forward, for instance) which is good.
Something that I discovered due to a Youtube comment was that at around 2:51, a cataphract kills two infantry with one swing of his mace. Again this is something we knew about but off the top of my head I don't remember seeing it happen in a video before (though I have a vague suspicion that I might have done). Quite a pleasing sight, and an example of the feature in action that seems appropriate; it seems plausible to me that a heavy headed weapon being swung at the heads of two men might well bash one out of its way and batter the second.