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Dedicated servers aren't that big of a deal in most cases. If the host's bandwidth and ping is good enough (and that's no big ask nowadays), and the networking code doesn't impact the game's performance (in a game like U4 or CoD, it really shouldn't), P2P shouldn't be an issue at all.

What this discussion should really be about is these added subscription costs for PSN and XBL. That's just a money maker for those platforms with no inherent benefit to the gamer, and probably not even to the publishers.
I kind of blame MS for setting that trend.