Well I liked the 2nd demo much more than the first. Although it also has some issues:

I don't know why but I always have those 3 lines of grey minus signs on screen all the time. Then there is the water shader which is somewhat nice but the reflections really are jaggy. I'm not 100% sure but if I'm right this was already done better in Half-Life 2. I also seem to have a probem with those red poles:

Might be a driver issue or something like that though...

Well apart from that there are only some minor issues i.e. the scene is pretty boring (still no free flight mode) and the chimney smoke with its like 6 step animation also isn't looking all too good. You also might want to add like metal poles with a sphere on its top which have some environmental mapping or even real reflections to show off some more stuff than just the water reflections (because for just this you might better have constructed an inhouse pool with a more interesting scene and maybe some rubber ducks & stuff to throw into the pool to show physics too)...

Enjoy yor meal
Toast