Personally, I couldn't stand the first game. It was the first game I rented when I got my PS3. I played about the first 10 chapters, and found it derivative, repetitive, and dull. I personally didn't think the graphics were anything to get excited about. Felt very 'Call of Duty 2 without the soul' to me. There were lots of little story quirks, too (if I've just been tossed into a Chimera jail, why is my door randomly wide open and why do I still have my guns?)
I didn't like the online either, because nobody talked in any of the matches I played, so I felt very isolated.
However, reading about this game has gotten me fairly excited--8-player co-op sounds like a blast, and I've always said that the developer who tossed me into a small squad whose objective was a part of a bigger overall plan would get my dollars. 
...someone'll have to fill me in on the plot details, though...







