The single-player is cool, with intense moments and breaks from shooting/reloading fun, but the story is just plain stupid, and nonsensical.
The multi-player needs split-screen to work on LIVE (like Halo), or at least bots, but otherwise, it is generally quite fun and addicting. The thrill of getting an AC-130 or Chopper Gunner killstreak never gets old, and despite certain flaws, the MP is quite good.