They had a multi-player demo at last year's E3, I have only seen one video of it, can't find it now. But the mode they where playing (local multi-player) one was on the controller acting like alien commander, sending waves of enemies at the other player, also setting up mid-boss encounters. So it was almost like a on-the-fly level editor, with a dm.
EDIT: here it is.
http://www.youtube.com/watch?v=7ESOxPIOF10







