The demo available here at GDC for playing with the Wave is very simple, a run-and-gun romp through a run-down village in the jungle. It's pretty clear that Zipper and Sony are holding the bigger, explosive moments for another time when the game is the total focus, as what I was able to play was really nothing more than a demonstration of how the Move control scheme is set up.
Basically, it's a lot like Metroid Prime 3. The Subcontroller (the bit with the analog stick) is used for movement, and holding its analog trigger will put you into cover if there's something applicable nearby. The main Move controller (the bit with the colored ball) is used for aiming, and holding its trigger will put you into a focused zoom mode. Circle fires a grenade, and aiming at something and pressing up on the D-Pad will send your team to that spot.
It's a simple setup that works well on the whole, though I'm not a fan of the big dead-zone in the center of the screen. To turn, you have to move the cursor to the edge of the screen to sort of "push" your view in that direction. It works well enough for what it is, though personally-speaking, I like it when the entire screen moves according to motion as just having the cursor move can take a second to find if you get out of sorts.
In terms of the game content, there's really not much to talk about at all. Like I said, it's a super-simple demo where you're basically hunting down enemies in a run-down village. The AI seemed to do a good job of taking cover and hiding from my shots, and the basic squad commands seemed useful enough given its simplicity. It looks pretty good visually; not stunning, but good, though it's in a pre-alpha state and is a little choppy at the moment. That shouldn't be a problem when it ships later this year, however.
Getting back to the PlayStation Move controls, I think everything works well enough, but I'm sticking with the Dual Shock 3 (which will, of course, still be supported). Perhaps it's because Zipper "patched" in the Move controls rather recently, but this is still a title that was made for use with the trusty old Dual Shock 3. Maybe as things become more refined and tuned down the line something will change that'll make me want to use it instead, but I'm guessing that I'll be running through its campaign with what I'm already playing on a day-to-day basis.