The goal in Schizoid is to eat all bugs and eggs on screen that are of same color as your own bug. That's all in terms of story.
Graphics are great and colorful, if somewhat simple. Still you don't really need that much flashy detail in this kind of game. Music is nothing special, but clearly some effort has been put into it.
Gameplay is a mixture of Pac-Man and Ikaruga: eat others on screen, but eat only those that are of same color as you. Controls are very simple, since you're only using the left thumbstick.
There are basically all game modes you can think of: single player with or without AI buddy and multiplayer via Xbox Live (or locally or system link). Schizoid is at its best when playing with a friend either locally or through Xbox Live.
In small doses this game gives you thrills and challenges, but in the long run Schizoid just don't hold it.