"How is this compared to Left4Dead or Killing Floor?"
This question pops up quite frequently to people considering purchasing this title. While some core aspects are the same, that is pretty much it. This game definitely stands out from these or other co-op shooters. Here is a breakdown of these three titles:
L4D's main aspect is campaign which is go to point A to B in a fairly linear route. Run-and-gun with a bit of melee involved. Staying together is essential.
KF has more similiarities to TH as it is wave-based with a boss at the end. However, in KF, players are usually set in a chokehold point shooting hordes of undead or running and killing with melee weapons around a pre-defined route (kiting). Even though there are few opportunites to 'rest/relax', the action can't nearly be kept at the same pace of TH's. Sticking with your team is also key here.
TH's gameplay is wildly different from these two as:
The maps are quite wide and spacious. This is necessary as you will be running around the entire map and you need space to move, escape and to change course in a moment's notice.
Camping isn't as common since demons can spawn next to you or you will have to run when environmental effects take place.
Sticking with your teammates isn't as necessary compared to L4D and KF. Players can definitely take care of themselves (if they have the skill) and with all the hectic action, your team will be spread out eventually.
Demons spawn across the entire map and will sit there until a player comes within range. This is because since you will be in one spot or another at any given time, you will always come across a bunch of demons waiting. This mechanic works here rather than having demons spawn and home in player's locations (ala KF).
You'll have very little time to relax! There are few safe spots on each map so you'll have to focus on the game the entire time (unless you're dead)! After each wave (encounter), you'll have a minute or so then it's back to it! Hardly enough time for a washroom break, to get a drink, etc. So be warned. Text chat functions normally, but for situations like "Look out behind you!" or "My soulstone is on the roof beside you!", etc. it doesn't work as well because the action moves too fast! Consider using a mic for higher level team-play.
"Is there a leveling or progression system?"
In the long-term sense, no. You can level up your weapons but it is only effective for that game you're currently in. It does not carry over to the next session. This decision has caused some ripples in the community, some wishing it was implemented for accomplishment and longer-lasting gameplay while the other side of the argument wants it the way it is, saying level progression will only divide and fragment the player base/community. But as it remains, it will most likely stay this way to keep the action same for all and to keep it easier for everyone to just jump in and cause mayhem.