As a warning i'm going to start off by saying that i'm slightly biased, Rayman was the franchise I grew up with so it has a little instant like in my mind.
I also don't know whether there's any difference between the game versions.
However, i've played through the demo version on the Xbox and it looks pretty darn good. It's similar game play wise to the first game so it's worth a spin if you liked that one. The graphics look lovely, nice and bright, and from the trailers and such the story looks to be a silly yet entertaining one.
As far as I can tell it's a pretty simply two button platformer, maybe a little on the easy side but that could have just been the demo being 'nice' to potential players.
And midway through writing this my collector's edition turned up. Funny how the world works.