I just played through the latest translation that Daedroth linked near the bottom of page 87, and can confirm that this is essentially A full game, if not THE full game, considering it has a pretty good length and a conclusive ending, not to mention post-game features like new areas and gameplay features, including a gallery.
Dunno why it's listed as a demo, unless either someone forgot to remove it from the page title, or if there's something else going on behind the scenes.
A couple things are still untranslated, specifically in the second half, like a few mid-battle cut-in dialogue scenes, a bunch of the lewd scenes, the rules/options for the Hi-and-Low game in the casino, certain weapon/armor descriptions, and a few other things. The main storyline and most of the questlines are almost completely translated though, and you never really feel like you're missing out on anything, story-wise, save for the aforementioned mid-battle dialogue.
The game version Daedroth linked is supposedly version 1.02 as opposed to to version 1.08 linked at the top, but it is way more stable, and the translation is actually a fairly decent, non-MTL one. I think that's the link that should be posted at the top.