Fun playing split screen. Working together against everything else is awesome! Building up to the best armor and the best tames, is great. Survival aspect is fun. Pooping is hilarious! Naming and breeding dinos is great! Exploring is very tough, but if your up for the challenge it fun too.
PVP however, is horrible. At least for me it was. Building up for so many hours, only to have some bigger group come and ruin it all is not a good time. When the largest group forces everyone else to follow their demands is also not an enjoyable experience. Stick to PVE instead!