I think it's great. Dedicated servers for online play FTW, unlike some cheap developers *cough Activision cough*.
I enjoy that this game takes skill and a lot of team work, and a mixture of both to win multiplayer games. Very satisfying and rewarding game. Bad players are punished, good players are rewarded...the way gaming should be. However, I can see casual gamers being turned off cause of that and because it's not that easy of a game. All the guns have strengths and weaknesses, direct counters and all that good stuff and seems pretty well balanced.
The campaign is fun. 4 player co-op makes it a blast. The corny humor and vulgar language are still there and still make the game great.
Best of the three, the game is gorgeous even on SD TVs. I would be surprised if it wasn't in contention for Game of the Year. Definitely recommend this game.