I'd play it again, but it's not very much like PSO outside of the basic elements of a co-op RPG. It's really a hunting/gathering game focused on difficult, teamwork intensive boss fights and item synthesis. It's progression is based entirely on quests with a ranking system too.
I stopped at HR14 awhile back, but I wouldn't mind making a new character. The only thing you have to keep in mind when playing MH at first is to keep an open mind, because it will feel clunky and awkward at first. Once it clicks that all goes away and everything feels great.
I like it a lot more than PSO, or even Diablo 2 really, mostly because of how challenging and rewarding it can be.