So, on to the details of it all. Please not that I played the PS3 version so I can't say that all of this is also plaicable to the 360 version.
Lets start with the bad:
As a DMC player my fingers automaticly would input a comand to pull of a desired effect but do to the new scheem I would constantly mess up. I would constantly try to use the lock-on on instinct and forget that that was a dudge. It took me a few essential seconds to correct my mistake. This also caused several confussing moments where I would try to pull of an angel or demon attack but would use the wrong botton out of instinct (I would try to bring an enemy to me the same way I would in DMC4 using Nero). I would also instinctively try to use the R2 botton to dudge (Bayonetta) only to stand in place and take damage. In this case it was not the games fault, someone who is new to this game or franchise wouldn't have such issues, and to be honest I was suprised it happened at all since I knew well before hand what the deal was but in the heat of the moment muscle memory takes over and I had to be overly concious of this effect. I would estemate that if I got to play the game once or twice more I would be able to get the hang of this new scheem and play the game with more finess. It's like playing two similar musical instrument (for you musicians), the set up is nearly the same but alot of times to play the same note you need to use different keys of strings and it take some practice to difirinciate, and it's worse when your trying to play a whole song. (This was by far the biggest joy kill of the experience)
The game is not as responceve in certain areas. For example: When I was trying to use the angle dash I found that I wouldn't; I'd pressed L2 and X at the same time and I'd double jump. I learned that to pull off the angel dash you had to hold L2 before you pressed X to ADash. Similar things happened when dudging, specially with Poison; Unlike Bayonetta you don't have the luxery to dudge at the last second to avoid damage, sometimes you have to dudge well before the attack gets near you, but this is not true for all attacks, only some so you gatta learn which and when. This happend with some of the graunts, too.
You HAVE TO be facing the thing, ledge, or enemy you want to graple or nothing will happen. If you can't see it on screen it doesn't matter if you're right infront of it, you won't graple it. I fell off the edge more than a few times fighting poison because of this. It's not as strict for enemies, most of the time you will just snatch 'em but for blue crystals or red ones you have to both aim at them and have them on screen to use them. I was floating right under a blue crystal during one of the 'kill the camera sequences' and D wouldn't grapple till I moved back and shifted the camera to see the damn thing.
Areal combat is not as simple as previously advertice. I've never been able to stay in the air very long so I might not be the person to ask but I found it equally hard to stay in the air here as I did in DMC4 or 3 (Well, maybe not 3 since I've never benn able to stay up in the air on 3 for any significant amount of time). The Angel grab helped quite a bit and you could push enemies pretty high up with it to get some hight, plus with the jump cancel (which I can't do but I did enemystep on a few chubby little fliers in mid air, yeah it works. I got good hights trying out the angle grapple) those who are adept at it will have no trouble staying in the air, but you fall just as fast as in DMC4 even while pulling off combos. So, is it easier? Yeah, but that doesn't mean it was easy, you still need relative skill so it's not exactly simple, even with the new features to help you up.
DT isn't as helpful as I'd hope. From what I saw the only real uses for the DT were A) to recover health and B) to launge all enemies into the air. I saw no other uses for it. Remember that this doesn't mear there are none, just that I didn't notice any.
Canceling isn't available all the time. This is another thing that I wish they used from Bayonetta, there are very few things you can't cance' in Bayonetta with the dudge botton but here in DmC there were. They were listed in the analysis of the combat thread.
If I think of anything else I'll mention it but for now this is it.
Now on to the good.