teabow: I bought it on release for Xbox and it was a blast to play. If you like GTA and/or Zombies it is a must-have.
Feel free to ask me questions if you're still on the fence, I've finished the game a while ago.
F1ach: How much of a pita is permadeath and if you dont play for a long period how annoying is the loss of items?
Luckily I've managed to keep my main character alive during the whole experience so I wasn't affected by this. However, since there is no real "main character" you could complete the game with any of the playable members of your crew.
But here's the catch: The more you play with one single character, the stronger he becomes (dexterity, speed, stamina,etc.) which helps tremendously in the later stages. If you were to switch, you'd have to kind of level up a much weaker member which obviously makes it more difficult.
It's by no means impossible to latch on from that point, but you'll have to be much more careful.
Item loss has never been a big deal to me. All you really need to get by is a robust melee weapon and a gun. You'll find ammunition and new weapons eventually by going on supply runs.
Hope this answered your questions.