nope "In this multiplayer demo, you and 15 other players battle it out on an all-new map, Turbulent Jungle," reads the official description. "Choose from one of two modes popularized in the original Lost Planet: Elimination or Post Grab. All the new VSs, weapons, and support items from the Campaign mode are also available in multiplayer."
Lost Planet 2 will be released on May 11 for the Xbox 360 and PlayStation 3. The PC version is currently scheduled for a fall 2010 release.