The Lost Reavers beta started in Japan and quite a few youtubers have chimed in and took vids, of course. Sadly they haven't posted any impressions yet but their vids are still gold.

For what I could see and understand from the vids, the game is a mix between hack&slash and 3rd person shooter. It looks very old school and very arcadey. Characters beam in Star Trek style and everything. It has a OneeChanbara vibe to it.

Every character use a melee weapon on one hand and a firearm on the other. Both weapons seems to be character dependent, but they might be able to change them at the start of the mission. The fighting looks fast. It's pretty standard too. There are quick slashes that can combo and more powerful slashes that knockdown enemies. You can aim manualy and use various Items too. The enemies do a lot of damage but are quite bullet sponges themselves. There's nice variety in the enemy designs. Some of them, like the Boss, look like they came out of an RPG. And talking about RPGs, there are flying numbers when you hit an enemy ^.^

The levels are a bit linear. Basically characters go from room to room until they reach the treasure. In each room they need to complete an objective or puzzle while fighting lots of spawning enemies in other to keep progressing. The rooms are mostly empty except for the enemies and puzzles. Some have more elaborate designs that need to be figured out in order to traverse them. After finding a treasure the team needs to escape with it. The characters are slower while carrying the treasure and can't attack. Your teammates need to help and it creates a cool team dynamic (think Crystal Chronicles). You can also drop the treasure at any time and fight.

The current game state is very rough. The graphics, framerate and animations need work. There's no gore and the violence is tame. I think they are going for a teen rating.

Links:

Tutorial & 1st Mission (2 player Co-Op)

2nd Mission and Boss (4 player Co-Op)

What happened to Unreal Engine on Wii U? Both Devil's Third and Lost Reavers suffer from framerate issues.

watched it already, well i be picking it up  because its free anyway :)

So it's Devil's Third meets Uncharted with Monsters from Monster Hunter? Cool!

Good question, the Unreal Engine might have some issues on Wii U.

On the other hand, let's not forget this is still beta, they might get this done until release.

Edit: also, since it's a pure online game, at least some might be due to lags

Itagaki said Devil's Third development was complete in January. Looks like they can't nothing to do with framerate problem.

I wonder how the microtransaction will be implemented. Depends on how it's done, may not be woth to download the game. Like Tank!Tank!Tank! which is also F2P.  

Dumb namechange is dumb.

"Project Treasure" at least was descriptive. "Lost Reavers" is, paradoxically, more generic than the generic placeholder title.

The environment in that second video was remarkably bland. Game-play looks repetitive. Shooting seems to require you to simply face somewhat in the direction of the target. That boss certainly did not seem like a boss.

Why play this over Monster Hunter or dozens of other Japanese co-op games?

Besides, roughly 33% of all characters are going to be the Japanese school-girl who inexplicably forgot to put on her skirt before she went adventuring.

nahh, i believe this will be a completely different scenario