Just downloaded the demo off XBOX LIVE and i am floored by how good it is.
They've really done a great job, i can confirm that there's no life bars/meters and only the Clock Timer is on screen. Play by Play commentary is spot on, fighters sweat as the fight goes on and the cuts and bruises look nasty, blood stays on the canvas and will stay on fighters in some cases until the end of a round. Striking feels good, the ground is complex and i haven't really experimented with the ground enough as the two demo fighters are Chuck Liddell and Shogun Rua so they avoid the ground. Very impressive, looks realistic and it feels pretty realistic too. Controls will take getting used to but they've done a pretty decent job with this and i'll be playing the demo until release day. Might go and pre-order it shortly.
Grab the demo it's also available on the PS3 (not a fan but meh) it's about 500mb and i love it.