I like the setlist. I think it's a nice distribution into different genres and eras of rock music.
I actually got to play a demo version of it yesterday. Only got to play the drums for "The Joker" since the person there when I played was a bitch and wouldn't let me play again... The drums really didn't feel much different from Rock Band's except for the middle tom which threw me off for a bit, and I liked the bass peddle a lot more. Felt more like a real peddle than Rock Band's annoying one. The cymbal pads didn't really do much to feel as I thought it would though they were nice. Wanted to try the new guitar but didn't get a chance to... that's what everyone wanted to play... damn losers, the drums were where it was at!
Assassin's has crazy drums so that might be why they chose that track, but I think just about any muse track would have had awesome drums.
As for gameplay, unlike Rock Band you can't bring each other back, once one of your band members fail you all do. I think it's a good feature to keep you on your toes and make you pay attention to your band mates to keep them alive, but it could get annoying if one of them sucks.

But after comparing GH and RB's setlists, RB is the clear winner for me.