The short answer is yes.
It has it's own soul and feel to the game though. Sometimes humorous and self aware stabs at the RPG genre are made.
The game is slow. The game has real depth. The game is incredibly fun.
The character building system is extremely rewarding, while at the same time having that old school drawback: you CAN completely mess your characters up if you spend your points unwisely. This is both good and bad for different reasons. There is a respec option but it comes much later in the game. Late enough to NOT be something to rely on.
If I had to pick any nits it would be that character customization could really use some enhancement. Also, the sound effects will just randomly stop working for me requiring me to exit the game and restart it.
The co-op is absolutely brilliant to the point where I didn't even hesitate to buy this game for my brother yesterday so we could co-op the campaign.