Puzzle Bobble Live offers both single player and multiplayer play. Single player includes a 1P Puzzle mode with over 135 stages split into zones consisting of five stages each. After clearing a zone players able to freely select the next zone. Also included for single play is "Endless mode" and "CPU battle mode". Endless Mode will feature your avatar who will emote as you play well or badly. CPU battle puts you against 8 CPU characters, each with different strengths and attack patterns. Multiplayer offers play for two players, with offline play via a Local Play mode and online play via an Xbox Live mode.
As far as DLC, Taito will be offering paid stage packs. Available at release will be the 1P Stage Pack 1, which includes 135 stages from Bubble Bobble 2, and the 1P Stage Pack 2, which includes 135 stages selected from Super Puzzle Bobble and Puzzle Bobble DX. These are priced at 240 Microsoft Points each. These packs have identical names to WiiWare version of Puzzle Bobble, which was released in April. It's unclear how similar the two games are aside from this. However this 360 game will of course have HD graphics and achievements as well as VC over LIVE.
Puzzle Bobble LIVE is priced at 800 Microsoft Points.