Sacred 2 - Co-op Trailer

Head over to Worthplaying for a console-focused Sacred 2 co-op trailer (115Mb).
More information.

I'm wondering if the PS3 two-person offline co-op involves playing the single-player campaign together (i.e., the single-player and multi-player campaigns are interchangeable, ala Neverwinter Nights/BG2). If so, I'm excited, as I'll get this for the wife and I.