It's hack and slash alright.
Essentially you go from zone to zone via a large map and hack and slash crawl as you would assume. Even every zone has a lot of instanced areas, which is kind of a drag but not game breaking.
The combat feels decent and looks cool, arrows stay in enemies and blood is fantastic. You also do get some cooler abilities as you level with character customization and tons of looting. You will upgrade a piece or two per zone if i had to guess and play and gear only the character you are playing at the time.
It's pretty fun and challenging on harder difficulties, the bosses with a lot of low end mobs with them can be quite hard. It's worth a play but not over Uncharted 3 or Battlefield 3 if you don't want a break from them.
Feel kinda bad that they released this game right now, I feel like it would do better not lined up against the AAA titles because it's a decent game but not AAA.