It's being released in episodic format. There will be a total of five episodes, the first two of which have already been released. Each episode only costs five dollars.
The main character is Lee Everett, a former professor at the University of Georgia. When the game starts, he's cuffed up in the back of a police car heading towards a federal prison for the murder of a state senator who'd been sleeping with his wife. The police cruiser crashes and Lee manages to free himself from the wreckage. Shortly after, he comes across a young girl named Clementine whose parents have gone missing and takes it upon himself to look after her until they can find them.
At its most basic core it's an adventure game. You walk around and interact with the environment to find things that might be useful, and then you use those things to solve various puzzles and advance the plot. Combat against the Walkers is only a small part of the game, taking a back seat to the interactions between the various characters you encounter during the course of your travels. These interactions are where the game truly stands out, as who you talk to and what you say to them helps to determine the course of events and sometimes even which characters survive.
Here. The Escapist has a review for the first two episodes up already if you're interested in an opinion more professional than mine.
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