^It's because Co-op wasn't necessary in the CoD4 story, or rather it didn't fit logically into certain sequences (most notably the end and a certain seen in the middle east).
I get the feeling this'll be very disjointed and Halo 1 and 2-esque where there were two masterchiefs running around.
Unless it's a separate campaign, this'll surely mean Resistance will overshadow this game. (seeing as how insomniac took the time to make a separate multiplayer campaign).