I picked up a copy of Untold Legends the other day for PSP, and I must say I really like it. If you ever played Diablo this game is for you. So far I'm up to level 13, and seem to gain about 1 level per "quest". The only difference is in Diablo (and other RPG's like FFXI) there are newbie zones where lower level players go, Untold Legends seems to tailor the monsters in whatever area you are in to your level, so your always gaining experience.
On another note, this shot was released and it is supposed to be the Xbox 360 design. I guess we will know for sure in a little over 3 weeks.