Let me firstly qualify my review by saying i do love monster hunter - and this game is really quite the clone.
Were taking monster hunter gameplay here, adding in some of soul sacrifice (the drop in/out mp and the absorbing soul bits, with the ability to view body parts that are weak etc) and the accessibility of dynasty warriors (omega force make those games) and coming out with a slightly lighter weight monster hunter.
There is also some (weak) story elements here, which help attach you to the bps's (which can also join you on quests - so you're rarely alone) .
The crafting isn't quite as addictive as MH, and the weapons and armour are not as intrinsically linked to each monster here, but overall the same addictive feeling of steady progression is there.
I have played for 10 hours so far and have loved it. Its easier than MH but still challenging enough to make it feel satisfying.
Give it a go as MH isn't coming to vita any time soon....