Tecmo handed out copies of Official PlayStation Magazine US at the event, which has a big article about the game.
The mag has a quote from Hayachi saying, "Violence is not going to be one of the key selling points of this title... It's not all about how bloody it is." Instead they're going for "a much cooler, cleaner, sleeker look". So you won't see great big spurts of blood, but clouds of purple essence when enemies get dismembered.