I've ordered Bionic Commando and I loved the multiplayer in the demo. Is anybody still playing it or is it dead?

I'm sure by now it's completely dead.  Even if it wasn't, you won't want to play it.  I wrote a lengthy review for the game when it was released, and I had this to say about the multiplayer:
 

 

Aside from the main campaign, Grin has included has included a multiplayer mode with Bionic Commando that offers deathmatch, team deathmatch, and capture the flag game modes. There are bad and good elements to the multiplayer, which I’ll now address in that order.

The largest issue I have with multiplayer is that team deathmatch and capture the flag are made nearly pointless by the fact that the game doesn’t allow people to play in teams. If you and a friend try to join a public team game, you’ll be placed on opposite teams. Realize here that I’m talking about two people who know each other playing on opposite teams in a RANKED game. If a party of four people join a ranked game together, two will be on one team and two will be on the opposing team. Aside from being just frustrating to causal players who would like to play the game with some friends in the same team, the potential this creates for cheating essentially makes the leaderboards worthless, and makes the game pointless for those who care about ranked competition.

Aside from that, Bionic Commando doesn’t allow you to join matches that are already in progress, which will likely have a largely negative effect on the ease of finding a match as the game’s popularity dies down. Multiplayer also doesn’t feature voice indicators, so it’s impossible to tell who is speaking, whether it’s in the lobby or during the actual game. It’s not easy to mute that person singing into their mic when you can’t even tell who they are. Finally, the default weapon fires as quickly as you can squeeze the trigger, never runs out of ammo, and never has to reload. For people who are lame enough to use modified controllers with turbo functions, there are no safeguards in place to even slow them down.

So yes, unfortunately Grin has created a game that’s essentially a little piece of heaven for griefers and cheaters. Now, cross your fingers and pray that Grin actually addresses at least some of these issues in an update, because the multiplayer in Bionic Commando is brilliant, and it offers some of the most fun online gameplay that I’ve experienced on this generation of consoles.

Going above and beyond all expectations for multiplayer in a title that most people were looking forward to for its single player campaign, Grin has included a total of 16 multiplayer maps in Bionic Commando. The game itself plays a bit like a 3rd person Unreal Tournament game mixed with the same fantastic swinging element that the campaign offers. Each weapon has its strengths, and skilled players can eliminate an opponent with any of them in less than a couple of seconds. Aside from all the gunplay, you can also grab onto your enemies and zip kick them—which consists of jumping into the air and quickly reeling into them, often sending them a great distance—you can punch them with your big metal arm, or you can come crashing down onto their heads using the appropriately named ‘death from above’ technique.

All this adds up to a truly unique multiplayer game that offers an experience unlike any other title currently available. While the single player campaign gives you a good reason to play Bionic Commando, it’s the multiplayer that is probably the best reason you should own Bionic Commando. And like I said before, pray that they fix the game, because you really won’t find anything like it anywhere else.

" @SpaceInsomniac:  Thanks for the reply. It's a shame Grin went out of business. It's good that I bought it primarily for the single player.   Hmm, now I wonder how many people will play the Red Faction: Guerilla (360) multiplayer when I'll get it on Christmas.  It's a shame that multiplayer dies so fast for small games. (Curse you MW2! ;) ) "

As for Bionic Commando, I liked the multiplayer in that game.  It was interesting and new.  People, unfortunately, don't like interesting and new...as well as something that challenges them.

I just got live and trying to do some multiplayer, but nobodies on.

Same problem here. I finally popped the game in after almost a year and immediately tried to get into a multiplayer match for giggles. While one other guy showed up after fifteen minutes of waiting it was just the two of us. Hopefully there are no multiplayer achievements.

I just downloaded the demo for kicks, and there were still enough people on to have a 4x4 game. Im going to keep the demo on my xbox cause i liked the multiplayer. Fun and simple, swinging around shooting dudes is a lot of fun.

This is relevant.