I think they sound old. There's very little energy in Dave's voice and I don't care for the vocals without Michael Anthony. I think most of it sounds more like a Van Halen cover band than Van Halen.
I don't know if it's just the iTunes version or the fact that they're rehashing old demo stuff, but there's very little warmth to the sound. The vocals sound like they're just laid on top of the music tracks. It's hard for me to explain, but I don't think it sounds right.
I hope they can stay together long enough to make it throught the tour and maybe even record some new stuff. I love Van Halen and I'm glad they're back together for now, but I'm disappointed in the quality of this release.