Thanks for the info. Most of my information has been 3rd hand, from talking to people who haven't played it yet, but want to. Obviously some of it got distorted along the way, hah. I was told that you lost all items and experience on death, for instance.

What you describe sounds much more worthwhile, then. The main reason I'm interested in playing it is seeing all the nuances that lead to making player death meaningful. Most games, death is meaningful purely as a setback; in Demon Souls, every death truly counts, both as a method of shaping your future play, and as a method of interacting with other players. And that is the quality that I am most interested in.

Now I just need to get a PS3, or find a friend with one.