No.

I've played it EXTENSIVELY now and I've had no problems. Then again I've only played it single-player and local co-op. I also don't take my profile to other 360's ever.

I know the big issue is supposed to be that the game is MEANT for multiplayer yet it doesn't work online but personally I feel like it's meant to be played in the room together just as much... like a traditional beat'em-up. And I've had a ton of fun like that.

I don't think it's fair to completely dismiss the game on the basis of these bugs. If the upcoming patch fixes the multiplayer problems it will be a fantastic game on all fronts. There's hope yet.