Yes, keep your expectations in line with what you thought of Phantom Hourglass. Near as I can tell, the only notable differences are the Phantom and the train.

The Phantom, which looks like a wounded enemy Link might have picked up off the side of the road in PH, is a fun addition to the dungeon play - you can order him around to do stuff, like kill enemies you can't attack, or walk through lava while you hitch a ride on his helmet. His large presence on the screen makes the touch control a little less convenient than it used to be, but not so much that you can't get used to it. "Control multiple guys" puzzles are not new to Zelda, but they always result in really clever dungeon designs, and this implementation looks to satisfy.

The train, on the other hand, seems like a miss. Train segments play out in basically the same way as the boating from Phantom Hourglass. Except it's on, well ... rails. You can speed up, slow down, stop, reverse, and pick directions to go at rail intersections, but you're still stuck to a literally golden path. I'm thinking that at some point you must gain the ability to ride anywhere, because otherwise the map doesn't make a whole lot of sense; and taking away the free-roaming aspect of sailing doesn't really seem right either.

I guess another thing to mention is that the item I got in the demo required me to blow into the microphone to spew out some wind power. Looks like Spirit Tracks may be taking more advantage of the DS's extra hardware features than its predecessor did.