Graphically, it is not exactly what I was expecting. One big noticeable thing is that the character creator is gone. If you enjoy making your characters, you'll just have to forget about that for now. My assumption was that you couldn't create your character because the band was going to look like AC/DC. Unfortunately (or fortunately if you don't want to see those guys), that is not the case. The characters are randomly generated from all the character choices in Rock Band each time you start up the Tour or Quickplay. There's not really much noteworthy about the sets either.
Music games are all about the music, though. AC/DC Live has 18 songs total, all of them performed live. Overall, I would say it's a good selection of AC/DC songs too. The obvious favorites like "Highway to Hell" and "Dirty Deeds Done Dirt Cheap" are on there. The one song that I really wanted on there that is missing is "Who Made Who," but I guess we can't always get everything we want.