That is a fairly accurate description of the series though the learning curve isn't extremely steep.I haven't played MonHun, but from what I can divine MonHun is very hard with an extremely steep learning curve. Attacking is very slow and deliberate and missing or attacking at the wrong time will get punished immensely. There is a preparation period before hunting one of the top-tier beasts where items are acquired to be used in the fight to increase survivability. The monster itself has certain patterns that a player needs to learn so he/she can avoid or punish it. Fighting is very skill based as there are no RPG elements or leveling, just gear that you can fashion from slaying lesser beasts.
Obviously someone with actual experience should fact-check/fix that.
Far as I can tell, monster hunting in X will be pretty much the same as Xenoblade but with that limb targeting system seen in the trailer. Fighting will still be determined by party management, artes use and stats.