All the bugs, glitches and annoyances make Silverfall a waste of time.
Let's get the so called 'story' out of the way... well there is none, you're basically a warrior who has to stop all the evil monsters in the land. You can create your warrior player at the start of the game and from there you're placed in the world of Silverfall. After the long loading times are out of the way, you might eventually get to play the game, so you can then kill monsters, get new armor and weapons and find more repetative missions to complete.
There are some RPG elements hidden in this game, you do level up, although it's far too often and the monsters level up with you... strange. The armor and weapons make hardly any difference as they're all so unevenly balanced and the combat is basically a 1 button mashing strategy.
The level design is very poor, if you actually get past the loading times, you may get to see how the game purposely wants you to go straight to your objective without having any freedom whatsoever. The graphics are something that a PSone could handle and the sounds are as repetative as the game itself.
I wish I could say that the multiplayer makes everything better, but it doesnt. Silverfall provides you with co-op and versus, but the game freezes for around 5 seconds if your co-op buddy is seen on the same screen and the versus is no fun unless everyone is on the exact same level, otherwise player level 3 will be getting his butt kicked by player level 57.
Altogether, Silverfall lacks everything that an RPG needs and does nothing new or special. The multiplayer is horribly pointless and the single player is far too boring and a waste of time. There are much better RPGs out of the PSP, don't bother with this one.