Bioshock deserves a great deal of recognition. Lately we've been seeing the same WW2/futuristic FPS game released over and over again with very little variation, but this game manages to have a very disctint style, some great writing, and signature characters with almost Silent Hill 2-levels of awesome. Being absolutely gorgeous and having the best water effects ever doesn't hurt.
On the other hand, it's just a slightly dumbed down HD version of System Shock with sci-fi stuff replaced with steam punk, not to mention very linear. It could also be argued that a huge chunk of the game's critical appeal came from being a not completely brainless FPS at a time when everyone still loved shooters, but was getting bored with the brainless part.
One of the games to remember from 2007, but by no means the best game of the year.