The backstory of the game is raising debate in a great story. A man known as Fatal is stealing the consciousness of fallen pilots to work for him by means of illegal technology, and placing them into clones. The game is a space-based combat shooter with a focus on multiplayer action, but includes a more than interesting looking single player campaign.
The official PlayStation game page has a lot of interesting information about the game, including deeper story details, as well as this overview description:
"Live out the fantasy and thrill of being an elite spaceship pilot in the sprawling sci-fi universe of EVE.
Join the Valkyrie, an outlaw band of galactic pirates, and take up arms to claim what's yours. Trade cannon fire for cash as you chase wealth and notoriety on the edge of space.
With a wide variety of ships, customization options, weapon loadouts, and combat styles, EVE: Valkyrie™ gives you the ultimate freedom to fly. Virtual reality space dogfighting is here."