I guess the point that they're trying to make is not to take game creation too seriously...
I'm not big on requiring you to install their program to run any demos/games. That is going to severely limit the possible audience for any games created with it (mainly just to other people who use "Love").
(ed. Okay, you actually can set up an executable so that people without the program can play your games/demos... it just looks like nobody has done it with any of their examples)
It doesn't seem BAD by any means, just... I dunno. I'm trying to look past the "Wheeeee! Rainbows!!!! This is teh uber sweet game creator, LOL!
Cross-platform support IS a nice thing, though.