Well, I think its a little overrated the way I thought Halo 1 was somewhat overrated.
It's very good, its polished but as a pure FPS there has been better before on PC and there probably will always be... see I always end up comparing the best console FPS (and despite appearing on PC this is really a console FPS in many ways) and feeling they are a little behind the best on that platform.
On consoles it is very sweet vs other FPS but I do think console FPS tend to invoke excessive gushing in reviewers these days - ever since Halo launched I keep getting the feeling that reviewers are still amazed FPS can be good on consoles and provide strong MP, but maybe that's just me.
My own main issues with it are:
1) the graphics are nowhere near as good as made out - its pretty easy in most levels to get somewhere that allows you to see all the seams and its also clear where compromises where made to get decent FPS rates were made for consoles
2) the engine isn't actually that great compared to say CryEngine and suffers from issues often criticized in other console FPS - i.e. most stuff is actually bolted down, physics is actually carefully minimized, etc. I mean in COD4 I can shoot a cup and it stays stuck to the table while in Crysis I can realistically shoot/move just about everything
3) the SP campaign is still too short and fragmented - it's good, and great as an experience, but not up to great SP campaigns really (although to be fair the game design is more about giving sensation of battle than a true story narrative)
However it is a very good FPS and very well polished for what it is and the MP is really well done.
Try to be reasonable... its easier than you think...
