According to Playstation Universe, there is "drop-in / drop-out" co-op, but it's local only, no online.
Also, player 2 doesnt save items & progress, only the host does.
Didnt Dungeon Siege III suffer from this same foolish design?
Looks like I'll be passing on this one too, and sadly, I am beginning to believe the dungeon crawler genre is truly dead.
Release date is 9/25, not 9/20, as I originally posted. Sorry 'bout that
Below is a quote from the PSU site, and a link
"The official PlayStation Blog has posted details on a hack n' slash game you'll be able to download come Tuesday, September 25.
Realms of Ancient War will cast you as either a Barbarian, Wizard, or Rogue in a drop-in/drop-out co-op experience that pays homage to games like Gauntlet and Baldur's Gate. Developer Wizarbox has spent over two years working on the title, which draws inspiration from many games to create a "best of" glimpse of a much-loved genre.
Julien Millet, Project Manager at Wizarbox, also described a few of the game's interesting features. You'll be able to take control of certain enemies mid-combat, or clear large swaths of baddies with powered-up versions of your basic attacks. Fast-paced fighting is the motto of the day, and Realms of Ancient War hopes to deliver it in spades.
You can download Realms of Ancient War when it hits the North American PlayStation Store on Tuesday, September 25. "