I got the PS3 version and spent some time playing co-op last night. I'm not sure how the 360 version looks, but the graphics seem pretty crisp and it doesn't have the usual PS3 foggy grey funk that multiplatform games sometimes have (I assume usually because of UE3, but I'm not getting into that one).
Overall, it's definitely better than I expected from the impressions in the more negative reviews. The controls are responsive and feel smooth and natural. Combat is just the kind of hack-and-slash mash I was looking for, with the context-based attacks being a nice touch. The addition of a small yellow arrow indicating when to hit heavy attack for a killing blow breaks up the mashing quite nicely and I disagree with Matt's impression that the combat feels mushy, everything has good to great animated and auditory feedback.
Without wanting to turn anyone off, what really occurred to me after a few hours was how much the game felt like what Dragon Age 2 combat could have been. The graphics are sort of like DA:O with better colors and textures, a few of the class abilities feel somewhat similar, there's mashy melee with buffs and AEs and heals tossed in occasionally, and ranged attacks require aiming instead of just standing around hitting a button for 5 minutes like in DA2.
Ultimately though it feels like a Champions game with a behind the back perspective and fewer classes. The classes are certainly different, but people who expect each to play differently than mashing weak attack in between finishers and rolls and only occasionally hitting an ability are going to be disappointed. The splitscreen is as good as splitscreen ever is (never a big fan, but I can live as long as it's vertical), with the most notable thing being the consistent performance the game has. FPS was constant the whole night through no matter what either of us were doing or looking at as far as I experienced.
The game does have some bugs, for instance WAITING FOR PARTY TO GATHER or something was stuck displayed in the lower left on my side of the splitscreen for a good 30 minutes last night. I haven't come across any of the "mobs and AI partners stuck in walls" bugs as of yet.
Gripe-wise, one thing that really, really would have been nice is the ability for each person to choose Invert Y axis individually. I live in a TWO-Y-AXIS-PREFERENCE HOUSEHOLD, let me tell you, it was ugly. Also, hopping in and out of co-op and who is on what save on which PSN account et al was a tad confusing at first and might could use more explanation.
The bottom line though is that this game shines in co-op. There are a lot of context-based gameplay elements which adds some variety, and the fact that each class sees different visual clues for secrets in an area promotes everyone playing to explore after battles. Each of you gets credit for receiving and completing side quests you get from talking to NPCs. Loot is abundant, unique to each person, and easily traded. There are frequent portals tossed throughout the stages that allow you to buy and sell and port back to hub for repairs. Also of note was the respec coin I saw available for 16k coins, and I was making maybe 1500ish or so per area so it's not ridiculously expensive.
I don't feel that anyone came into this expecting a AAA Uncharted 3 or Skyrim killer, and I find the sentiment that only an idiot would be playing this game this season to be as needlessly condescending as it is irrelevant. I have Gamefly, I won't be missing anything. I also understand having to approach reviewing the title from a perspective of the general gaming population as well, but in reality there were some great deals associated with this game, and there's no way I can avoid recommending this game if you can get it for $20 like I did.
Other games get praised for taking minimalist gameplay approaches, not trying to overcomplicate the mechanics but instead give players a lot to do, yet hack-and-slash games have always offered this (with varying success of course) and frequently get derided as too mindless. For those of us who knew exactly what we wanted when this was announced, there's nothing here that's going to blow your mind, but I'm pretty confident saying it is what you hoped it would be. For those not sure they can be satisfied with these kind of games anymore, there's nothing here that's taking the genre to the next level. For those who've never played this kind of game before but are curious, rent this puppy now.