Snickersnack: It's not much like left4dead other than zombies (left4dead is also a good game BTW). You stay on a single map and must survive 10 waves plus a boss. You can buy weapons in between waves but the trader moves around so you won't be camping in one spot. The zombies are all unique like L4dead's special infected and their abilities compliment each other well. Certain perks will be strong/ weak vs different zombie types.
It's a great game. It's given me a zillion hours of enjoyment.
My steam id is: snickersnack. I have a high level medic (lvl6) I can assist people with if anyone is interested in trying Killing Floor.
I played it far more than L4D, and have enjoyed it more. It's an easier game to get in, get out. One thing I hated in L4D was that a lot of it was luck based - playing on Advanced was too easy, and Expert too hard; OTOH in Expert, if you run into a tank early without a molotov or higher level weapon, you're screwed. KF evens out the playing field for everyone.
My only gripe with KF is that the maps become boring eventually. Actually, the gameplay itself becomes boring eventually. KF needs some story maps - luckily the modding community is rather hardworking, despite being small. There have already been a few story maps out.