Can someone who has played it confirm if this is true, as it sounds more like a diablo clone than a D&D game if it is
Yup, that's all true.
I played a Cleric and had to spend a point to turn Cure Wounds I into II.
Cantrips seem to have a 2s cast or cooldown but you can pretty much chain them constantly, although they are pathetic in terms of damage.
The real spells are all on cooldowns... from memory my Cleric's 2 heals were on 20s and 40s CD and the aoe prayer was 60s.
The FFA looting is a killer 'feature'... you just could not play in a PUG... you would have to trust your party members to roll on loot or share it out.
And no XP if you're down when the critter dies!
In our 3-man run, the end boss was a beholder.
One of us died seconds before the boss and he received 0 XP - the other two received 350XP... a large XP gain and very unfair that the unconscious team member received nothing!
It's not D&D as I knew it but I can't comment on how true it is to modern rules.
As a computer game, it was just very unsatisfying