It's amazingly fun if you've got a couple friends to play it with.
In a respect it's similar to Borderlands, hilarious with friends and mediocre on your own.
I'm personally enjoying it, although I dare say that's in no small part thanks to playing with mates, the gameplay's good, we haven't noticed that many bugs either.
But yeah, if you had any experience with Borderlands and enjoyed that with friends, then you'll enjoy Dead Island too.
Might check it out when the gaming calendar clears out a little as i did enjoy Borderlands with mates.