You mean Lost Planet? Nah, nothing like that
It's basically just a game of boss fights. You go on hunts that can range from minutes (if you're really good or overgeared for what you're fighting) to 50 min (each hunt has a time limit before the monster leaves the area). There are difficulty spikes that leave you on the same boss for days (similar to difficulty spikes in DS), but you can minimize that by preparing (eat the right food for buffs, craft the right armor to make you strong to a monster type, craft the right weapon to make you strong against a monster type, study the monsters tracks/feces/habitat to learn about its weakness/strengths/weak spots, etc...). As you beat certain monsters you rise through the ranks to take on stronger monsters and gear yourself higher. This new update brings G Rank, which is where players typically get 1000s of hours of content since the bosses are freakishly hard.