It's a fun hack and slash action game that's a great improvement over the original thanks to the addition of the ACE skills that greatly differentiate the six play styles and add some much-needed variety to the overall gameplay. Some of the skills are so useful that it all but renders the dangerous and powerful Dainslief mode unnecessary.
While it's certainly not as deep as Monster Hunter or other games like it, this game is good for a diversion. It has bright, colorful graphics, the controls are tight, the camera is functional (though sometimes gets a little crazy when you're close to a wall and surrounded by enemies) and even though you're just killing things over and over, it's fun to do so. As long as you go in knowing what you're getting--a game where you basically kill stuff, buy new and better weapons, upgrade things and keep killing stuff--you'll have a fun time.
As a side note, it's nice to have a game that includes a variety of outfits, including some well-designed ones for the female characters that let the game just be a game instead of trying to be overly realistic or politically correct. And since outfits and how you upgrade them is directly related to the strength of your character (outfits have card slots that, when equipped, directly affect your character's strength and abilities), there's value in choosing what you want your character to wear beyond the cosmetic. This is part of what helps make the game engaging for the individual experience.
Boring, shallow, simple, unbalanced. Take Monster Hunter, remove all the fun and challenge, throw in a pointless aerial combo system and make every mission one of two things: running through linear areas with locked off areas killing absolutely everything, or two-room areas in which the second room is a sealed off boss chamber.