As lar_q has already mentioned, there's people looking into this. Obviously, even if it doesn't block everyone, it is a blocker for some players. So rest assured, we won't release an XBOX patch without this taken care of.
In the meanwhile, code and design told me that the reason might be memory or streaming. They asked me to tell you or ask you the following:
1. Try to save as close to the room where the demon is summoned as possible. 2. Or better yet: try to save inside the room. 3. Even better: try to save inside the room _just before_ the demon is summoned, with your back and camera away from the point he is summoned at.
As soon as you think you have a good save, restart your 360 and see if that helps anything.
Feedback on this idea is much appreciated! It would help the team in finding the cause of this hard to reproduce bug. (It's hard to reproduce on a devkit/testkit.)