They planed to implement replays, or even implemented it to a degree. But it looks like somehow it didn't work as intendet so they turned the feature off.  You allready should have a folder called replays in My Documents / My Games / Gas Powered Games / Demigod.

Atm they are working at the connection stuff, and the other more important things. It could take some time, but they will repair the replay system for sure.

Another vote for replays.  Being a Supreme Commander fan, I really like that feature, and the GPG Vault for storing replays, maps, mods, etc, was also awesome.  Supreme Commander was the first time that games became a spectator sport for me, both in the form of replays and commented games.  These included games of my own and friend's that had been saved, as well as those found on the GPG Vault.  QuadV also did a lot with those (www.quadv.com), and I found those casts to be very entertaining and sometimes educational.