The graphical similarity to 3D Dot Heroes is unmistakable but (while I haven’t played that game to compare) I’m given to understand that “Lootfest” plays somewhat differently. However small or great the differences, I really enjoyed it.
The game plays out at a fast pace, with you starting the game with a goal. Meet that goal, and you’re given another one. To meet your goals you need upgrades, and to get upgrades you need loot, and to get loot you need to kill things. The action moves along impressively spritely. It’ll appeal to the Golden Axe/Gauntlet fan in all of us (particularly thanks to its 4 player splitscreen multiplayer mode), and is easily worth its 80 Microsoft Point asking price.
Here’s what the developer (Gamefarm) has to say about the game:
“This is a simple but fun game. Kill monsters, loot them for gold, buy bigger weapons. Enjoy a top view adventure game with classic controls, where your goal is to find and destroy the three evil bosses that are terrorizing your country.”
Writings of Mass Deduction 
My only major complaint about Lootfest is that I finished it on my first try in about 15 minutes. A bit of a missed opportunity, perhaps.
Perhaps you’re just better at it than some of us. :P