PlatinumGames posted a prototype video of Bayonetta made after about a months worth of work. Bayonetta still shapeshifts into a cat in this proof of concept video, but she fights martial artists and ninjas instead of winged beasts. Pretty amazing to see some of her trademark moves like her headspin leg shooting dance in an early stage.
It looks like there are two time meters. One pops up when Bayonetta morphs. The other occurs when it looks like she’s going into bullet time.