There are two different modes: Favor of the Gods, and Team Favor of the Gods. I chose "team" so it would be a bit easier. Your character is either of Spartan or Trojan alliance (i.e. team). You may outfit your character with different armor (torso), lower armor (leggings) and helmet (head) as well as weapon and magic abilities. Each piece of armor and/or weapon changes your stats the same way equipping items in an RPG does.
Take for example the Gladiator chest armor adds +120 to your physical strength, but -80 to your physical resistance, but the Armor of the Oracle increases elemental damage and resistance but has no physical strength benefits.
So after you equip your armor, you select your items (which are basically passive perks) Example: Ares' Battle Horn is +10 recovery and some other combat related stat. From there, the game exits the lobby and you start the match.
Now the only level available is the Desert of the Lost Souls (the level shown with the Cyclops Titan on every screenshot) There are 3 altars throughout the level that you must capture and hold. Now the object of the game is to earn Favor of the Gods by reaching 8000 favor. Well, favor is gained by capturing and defending altars, killing opponents, doing specific tasks, and eventually killing the Cyclops. First team to reach 8000 wins. After the match is over, all your bonuses (such as first kill, killstreak stopper, capturing altars etc) are added into your XP, which will unlock new weapons and armor.
It's extremely fast and chaotic. The control scheme is pretty much the same as other GOW games, other than the fact they added a parry and counter mechanic and R1 allows you to pick up items on the battlefield like weapons and powerups such as Ares' battle hammer and Hermes' boots for extra speed. Also they added traps to the battlefield, such as pulling levers to impale opponents on spikes or engulf them in flames. The Cyclops can also insta-kill you.
The graphics are siiiiicccck though. Best looking GOW yet. Looking forward to playing the whole thing in March.