Old monsters never die, they just get meaner.
There are history links for each monster (In the form of your character's memories) and while not neccessary to understand the story, they do provide deeper background. Ignore whatever you might know about various old movie monsters, you'll find that most of their histories are much different in this story.
You may find that this story has a movie feel to it which is appropriate considering the characters involved. The langauge (and violence) can get graphic sometimes, so if you don't like that sort of thing, you probably shouldn't read it.
Finally this isn't really a "win/lose" type story, however there are definitely good/bad/neutral endings. A few endings are even "really good" though they won't be spelled out as such.