I still getting it on 360 but I couldn't reserve it since I had a flu. What's story mode like?
It's not bad at all. They try to force in some tear-jerker scenes that look ridiculous when juxtaposed with the look of the characters, but if you don't take it seriously, it's great fun. A lot of battles against creative NPCs. Not just the selectable characters (which was what I was expecting).
In many ways this is Madworld 2, or Madworld redone, I haven't quite figured it out yet.
Without ruining anything, I can say that you're basically left in an arena where waves of baddies attack you. You kill them for points. Collect enough of them and a mission marker will appear in the arena. Then you complete the mission to advance the plot and there are a set number of missions per arena. I've only completed two arenas so far.
The real fun though, is online. That's where it separates itself from Madworld and is a completely unique game.