The Horror the horror
Banned
It's hard to answer the question without knowing what you expectations of a story in a dungeon crawler is. As far as character development goes, there isn't going to be much at all, because the NPCs are all characters who have assigned roles (innkeeper, storekeeper, dude who gives missions, chick who gives quests, dude you run into in dungeons who warns you about shit, etc) and all the party members are characters you create yourself. It's definitely not a character based narrative in any form whatsoever.
But there is a story in the game. There are events as you progress through the dungeons, things happen, but they're not really developed in a way which is much of a story hook most of the time, because the gameplay speaks for itself. If you don't enjoy the gameplay, you won't enjoy the game. It's not a game where you grind and grind either. It's a dungeon crawler where you explore dungeons to find treasures and exits, mapping your way through and noting shortcuts and so on. It's addictive for people who like that sort of gameplay, and that's the main hook of the game.
Awesome. Is there a lot of backtracking involved? Beat a few monsters, return to town, beat two more, go back, etc. etc. If so, how often do you have to go back to town on any given quest?