Cooperative Assault Heroes is a blast, but is the only multiplayer mode. You are restricted to running through the single-player game with a buddy – and that's it. No versus, no team play, nothing.
As of this evening, there are serious bugs playing this game multiplayer over Xbox Live – you'll encounter a bug most of the time while joining an existing game, where the game will enter a Waiting state, as it negotiates a connection with your other cooperative player , and simply stay there. If it doesn't connect right away, you'll need to head back to the Dashboard, and try again. Hopefully, this is either quickly fixed via a patch to something, whether that be a faulty server configuration, or the game itself.
Ultimately, this game will be of value to you in the same way a stellar weekend rental is – you'll love it, and your friends will love it, but there's not a whole lot to do once you've found the lab and destroyed all of the bosses. The eighteen levels are short, and while each is unique (more so than I though they would be), you'll quickly have them all memorized.
Finally, I wanted to briefly mention the Achievements in this game – they're fantastic, and should serve as a model for other game developers. They define the bulk of what replayability there is – you'll need to do things like: stay at or above 70% accuracy for all of your shots (hard to do if you rely on the Minigun!), complete all of the bonus, on-foot, underground stages, destroy 85% or more of the enemies in a zone, destroy less than 50% of the enemies in a zone, finish a zone in less than fifteen minutes, etc. I find these kinds of Achievements vastly preferable to: Finish Level 1, Finish Level 2, Finish Level 3...
You'll love this game, as short as it is, and you'll love playing through it with your kid brother. For only 800 points ($10 US), you can't go wrong, but do think of it as an extremely fun three-day weekend rental, and not as a multi-month long quest like Zuma or Geometry Wars.