The game itself is a lot like WarMachine in that it has very complete and thorough rules. However, unlike WarMachine, it is not quite so cut-throat in spirit. It is highly scenario driven (more so than any other miniatures game I've played) and the players basically never have the same victory conditions. In fact, the core rulebook even includes a "narrative" scenario generator.
One of the big draws of Malifaux for me is that you don't need very many models to play. I've been playing for years with a Som'er Teeth Jones crew from 1st edition (which was terrible, 2nd edition on the other hand is really well designed) and have only recently decided to pick up a new crew. So basically each $40-$50 box set is a complete army. Those with a more competitive spirit will want more to mix and match, but even still, collecting nearly everything from a faction isn't very difficult.
Malifaux is really wild and crazy. The Bayou Gremlins here are a somewhat silly faction (think Orcs and Goblins meet The Hills Have Eyes), so as you can see above Mah Tuckett is accompanied by a little girl gremlin who also wields an over-sized wooden spoon. Also, the sniper next to her has a lawn flamingo as part of their camouflage. There is a "crew" that consists of a little boy having nightmares that attack people, there are gravediggers who bury enemy models underground, there are zombie chihuahuas and mechanical spider-people. I feel confident that Malifaux has something for everyone in terms of zany niche concepts.
One final note about Malifaux has to do with the models. Malifaux's models are slightly larger scale than Warhammer, but the biggest difference is that they are 'realistic' scale as opposed to 'heroic'. So they have slender little wrists and tiny hands in comparison to the average Warhammer model. They are also incredibly detailed. Most importantly, they are placed on the sprue pretty aggressively (to the point that sometimes the feet will be separate from the legs, or a hat will be in two pieces). This makes them difficult to construct. It's pretty rewarding because they are very nice looking models, but they are not for beginners.
If you decide to start playing Malifaux, the rules are free at Drivethrurpg, so you and your friend can each pick up a crew and start playing.