Its so good because of 2 things... freedom and set pieces.
The game presents a problem and it presents many tools to solve the problem with. How you decide to proceed is up to the player.
Also the set pieces the game presents you with are truly superb. The final battle in episode 2 with the tripods coming from all sides is still to this day the greatest single FPS experience I've experienced.
Lets put it this way...there are FPS games that do single things better than half life. FEAR has better gunplay, Halo has greater scope in battles and coop, Killzone 2 looks much better...
But there still isn't and FPS on the market that does everything combined as good as Halflife and halflife 2.