I've read both Beowulf and the modern novel, Grendel, and would love to play this game if there is a playing-from-the-monster's point-of-view element. Is there?

Sadly, no. It does have a strong element of narrative, as you are members of Beowulf's posse, and you hit all the major events of the poem. But John Gardner's masterpiece (or even that great old animated movie with Peter Ustinov's voice as the monster) are not present. That would make a great game, though. If FFG weren't already kinda over-Beowulf-ed, I'd wish they developed it! The original poem is really remarkable for having "monster-cam" moments of Grendel's POV as well...it wouldn't be out of place at all, even without reference to Gardner.