No
It's not terrible, either - but it's not good. The biggest problem I have with it is that there's a half-HP invulnerability period that gives you (and enemies) an escape window that just completely fucks the flow of any match. What they really should have done is just either nerfed the weapons or increased the HP pool. Though not by much, because the current balance is not terrible. You can get your shit wrecked in a split second if you're under team fire or are targeted by some powerful weapon, but you have to not really be paying attention to enemy position and what they're using for that to happen.
The card abilities are fine, and can turn the tides of a battle if used properly. Kind of reminds me of hero-shooters, but the powers are limited use and you can customize what abilities you want to have from a pool of hundreds of different cards. Friendly fire is encouraged, since soaking your allies to the equivalent of their HP gives them infinite ammo for a period.
The story is dumb, and there's not a whole lot of variance in maps or enemy design, so you'll be running through a lot of the same areas - fighting waves of the same fodder enemies a lot. It's also pretty easy. That's kind of par for the course with a Senran Kagura game though. They're rightly assuming you're there for the titties, not for well crafted design and mechanics. To that end, character customization is pretty well done.
I haven't played it in months, and I'm pretty sure the online is dead - and was dead before they got the bugs that would crash-out multiplayer fixed - but what is there is enjoyable. If you get it, pirate the PC version so you can mod it.