Take away the cut-scenes, and it would be a semi decent indie title. Take away the physics, too, and it's from 2001.
For an "action rpg", it certainly skips past the "rpg" part. Of course, RPG does not necessarily mean character levels, skills and loot, but when the story is weak, and the characters is severely lacking in personality, well, at least there could be some decent loot. No, all items found are found at specific points in the campaign, and skill points are given at set points as well. As a result, you get one of the most linear "action rpg"'s ever.
Furthermore, in the 15-16 hours I've played it so far, I still haven't gotten used to a control scheme that makes no sense. Action could've and would've been way more intense if AWSD were used for movement, instead for controlling the camera as it is now. As a result, your character feels sluggish and forget about moving and shooting at the same time.
I haven't tried multiplayer, but don't think I will - I cannot imagine the above glaring mistakes to be better in multiplayer.