No, Octomoth is not some kind of Voltronesque union of a dozen robotic moths -- in Ratchet & Clank: All 4 One, it's actually more of a squid than a moth. But hey, on a world where there's practically no gravity, we can't possibly expect the moths to look like Earth Moths.
Ratchet and Clank: All 4 One is a four-player co-opexperience with huge cinematic-quality battles and tons of cooperative gameplay. While Dr.Nefarious and Captain Qwark are no strangers to the Ratchet and Clank franchise, in All 4 One, you will be able to play as them alongside both Ratchet and Clank. If that wasn't enough, there will also be an online drop-in, drop-out feature, so you can play together side-by-side or online with up to three other friends.