OK so after a few days of playing Dead Island I can give a better idea of how the game is. I would say it has some game similiarities in it from previous titles such as:
Resident Evil Outbreak - 4 player online co-op. Each survivor has unique attributes, abilities, and stats. Melee weapons break (even knives), ammo is scarce. Puzzles ranging from easy to hard.
Left 4 Dead: 4 playable survivors to select from. Played in first-person. There are special infected which require unique and different ways in dealing with them.
Dead Rising: You can create weapons.
Grand Theft Auto: Huge open maps to be explored. A ton of side-quests to do and complete.
Other than what was mentioned above, there is a TON of elements in this game that have been incorporated very well. The maps are goddamn huge with freedom. Flashlight system was implemented great in this game, you can flick it on or off but it drains power while on and gradually restores while off. Melee weapons aren't overpowered and braindead in this game as they were in the Left 4 Dead series. You can even chuck melee weapons (sharp ones stick into enemies). The movement is fluid and quick, not as clunky as it was in Resident Evil Outbreak. There is a stamina meter that is used for many things such as; running, jumping, swinging, etc. There are vehicles you can drive and use to travel around the map faster. There is a big RPG system in this game that works surprisingly well, you can customize special abilities (actives and passives) in a skill tree you can use each time you level up. Enemies get stronger with you, so it's not like other games where once you find that shotgun you're good to go and will always instant-kill mobs of zombies. Weapons can also be upgraded and modified.
Overall this is one of the best, if not the best zombie game I have ever played, very addicting. The character I chose specializes in guns so I've finally reached a point into the game where guns are available and so far it's been more than a blast. Did I mention it's also one of those serious-atmosphere survival zombie games and not one of those arcade shooter (L4d) / comic games? Must by for any zombie fan.