The shoot and loot is still here but it is bogged down with lag. The interface lags, in game lags, and topped with network lag. This makes the game unplayable.
I purchased the game on xbox with my wife. We would try to join the other's game and this would cause one of our systems to turn off completely. The 1/10th chance it did let us connect, we would queue for matchmaking to do a "dungeon" and most of the time someone wouldn't be able to connect to the game. Also unskippable cutscenes.
The story is pretty lackluster. It makes sirens non-unique due to everyone in the game is a siren just waiting to become one. You see lots of vaults but they are very disappointing inside.
The bosses are pretty cool though. Some interesting mechanics and the last boss is pretty gnarly.
Overall, I would do not recommend this game until they fix it. It is poorly made to the point of unplayable. I expect more from a BL game, at the least playable.