FM 2010 works perfectly, but FM 2011 demo doesn't work?

I get the message "Cannot run game: Failed to set up graphics system"

I'm just wondering what the min requirements are to run this game now as it has obvioulsy changed since FM 2010.

The min requirements for the game have not changed, but there is no doubt that this years game will put more strain on a graphical system that is not up to the job. Check out the Demo FAQ thread where this error message is covered in depth.