I've been playing this game with my brother in law, and its pretty good.
The best way to describe it is Gauntlet, with D&D rules.
Its a top down perspective with a decent story line and lots of cut scenes. All of the monsters are straight out of D&D along with the spells weapons and items.
There are some pen and paper RPG elements as well. No Dice, but you do get to interact with NPC and ask various questions and choose your response from a menu.
The coop mode in my mind makes the game. There hasn't been a decent coop RPG on a console since Secret of Mana for the SNES. This one comes close to that experience.