Punisher: No Mercy, an Unreal Engine 3 game, is primarily a multiplayer shooter. Up to eight players can face off in a variety of locales in both free-for-all and team deathmatch battles. Player skins include many popular friends and foes of the Punisher from the comics. Fans of the comics will also be pleased to learn that one of the maps takes place at the "birthplace" of Jigsaw, one of the Punisher's most notorious foes.
In addition, the game offers a single-player Story mode. Presumably it'll be like the campaign for Unreal Tournament, in that it strings together arena battles against bots with some sort of tale about the Punisher. The press release also mentions the story mode includes artwork from Marvel artist Mike Deodato, perhaps for comic book-esque cut scenes between battles.