The control mechanics are just as simple as the core gameplay. Unless you're playing Uberschizoid Mode, in which you use both analog sticks, you only use the left stick to pilot your ship. Even though there aren't any complex key commands or button combinations to memorize, the control scheme still leads to complicated gameplay once you throw the other player in the mix.
Co-op games can be played either Locally or over Live. Of the two, Local games tend to be more enjoyable given the simple fact that you have someone there to talk things over with. Live play is still fun, but I rarely came across someone with a microphone. However, playing with mic-less players made for a pretty cool experiment in communications. Even though we couldn't verbally speak to each other, we would develop our own visual communication tools like slowly nudging a ship in one direction to say, "This way" or pulling back just a bit to say, "You lead".
Though effective communication is important when clearing levels, it is equally important when it comes to power-ups. Some levels are sprinkled with power-ups like a bomb, speed boost or razor wire. The trick with power-ups is that you can't just activate them and be done; you have to wait until the right moment. When playing with the A.I., this element is absent since it has little idea about how to effectively use them -- especially the razor wire since it will continue to go for the nearest red and ignore the long strand of rope between the two ships that can destroy everything it touches.
One of the more common things I've heard about Schizoid is that it is a game you just have to play to understand -- and I couldn't agree more. However, it is one that you have to experience with a friend, otherwise the entire point is lost. If you're a social player, either online or off, Schizoid is a great purchase. If you're more of a loner, your 800 points would be better spent elsewhere.