BIS has raised the bar for it's military sim series, and stumbled leaping it.
Rocks out: All of the above, an above average story line for the single player campaign, for my money the horrendously campy dialogue and banter falls into this category as well. Very nice weapon and ambient sounds, loads of replay value by virtue of executing the missions with different weapon load outs, being able to switch beteen team members, or by using different tactics. Scaleable viewing distance that emphasizes the large game world. An armory feature that lets you face (or not-your choice) various game generated challenges, unlocking more weapons, vehicles and characters as you progress. A nice mission editor feature to create your own scenarios and campaigns is there if you get tired of the canned missions and you're inclined to try your own creativity.
Rock soup: Badly broken single player campaign. Three successive patches have fixed most (but not all) of that. This game should not have been released in such a state. Very laggy performance on many late model gaming rigs.; whether that's due to unoptimised code (my suspicion), some other factor, or a combination of reasons, it dovetails into my comment about not having been released in such a state. BIS has deliberately chosen to once again foist horrendously clunky character and weapons handling onto us in the guise of realism. Yes, we don't move in the real world like the tireless super heroes in arcade shooters. The human eye and mind filter out most of the bounce an jerk though making the whole thing a smoother experience than in this game. BIS really should significantly moderate this feature.
In between: The graphics are good, but not state of the art. Some of the later SP campaign missions become overly complicated and weigh the player down with significant logistics, command, and control issues. These RTS elements are appreciated by some and not by others, who would have preferred ArmA II stick with what it does best, and that's deliver exciting squad based story driven action.