Needs work.
I am very excited that there will be an FPA3 (esp. on XBL and PSN), and what has been done so far is great.
Unfortunately, what you have here is loaded with bugs. Jumping doesn't feel as responsive as in the last two games, and if you press "A" or "D", Fancy Pants Man will turn invisible, which was very inconvenient. Changing directions in midair was also a big issue for me. Finally, some parts of the game are outright broken. One time I tried swimming, and i got stuck in a wall. I jumped and I fell to the bottom of the screen. I couldn't go anywhere after that. :(
Right now, I'm giving this a 6/10. But if you're able to fix these issues by the time it's released, then it could go right up to an 8 or a 9.