The story is much better than I expected, and playing multiplayer is fun, but as Pale said, the story items/customization doesn't carry to multiplayer, and there aren't to many stages, unlike the GC counterpart. They try to make up for that by having hard and very hard modes that unlock, but you quickly realize it's exactly what you just did, only tailored to your current level. To make matters worse, progression in story mode is tied to individual characters, so you can't make a new character and play on whatever stage or difficulty you want on your own.
It's still fun, but they needed bigger enemies and more varying bosses. The best enemies were the large ones, IMO, and most bosses felt like the same thing. I'd recommend as a buy if there's someone who'll play multiplayer with you, and maybe a rent/pass if not. It's worth noting that the game has me excited about the sequels planned.