Apparently it's all a bit like God Of War. Here are some tid-bits from the preview:
[quote]
"Button-for-button the controls are identical to GOW's - from using the right stick to evade, to regular and heavy attacks being mapped to Square and Triangle,"

"Holding R1 and pressing Square lets you knock enemies into the air Devil May Cry-style and keep them hovering with a volley of rapid, light attacks,"

Combos are "easily strung together by simple presses of the light and heavy attack buttons".

"When enemies die they leave behind health and magic orbs, which can also be found in chests, opened by holding Circle,"

"The game also uses QTE events, such as when Dante climbs the mane of a 20-foot monster to take out the demon rider and assume control of the beast for himself."</blockquote>

Assuming both games drop at the end of 2009 God Of War III could actually go up for sale against its imitator. Interesting.