It's not bad, but it certainly isn't that great.
The game's presentation is as you'd expect. The menus are great and the presentation is awesome. The story is great too and manages to bring back several characters from Call of Duty 4. Sadly, the cinematic scenes send you through a long session of deja vu, and I felt like some objectives were strangely similar to ones in past games. I still enjoyed it, though.
The graphics are good but not necessarily great. The game has its moments of graphical prowess but sometimes the game looks dated. To make things better, it runs at a smooth 60 FPS framerate, but I had a few occasions where the framerate dipped when there was a lot of havoc.
The sound is fine. The guns sounds are bad and the music is good. Sound design is poor and gunshots sometimes sound like they are coming from the left of you, even though they are coming from behind you. Sadly, nothing is too memorable here and sound design is fairly poor.
The gameplay is good. The singleplayer has lots of awesome moments, but a good chunk of them are extremely similar, or congruent to past games. The multiplayer is also really fun, but has some issues. The guns are either good, mediocre, or bad, and it ends up feeling like there is a lot of patching to do. The maps could be much better though and they seem to rely on close-quarters over medium to long range. I felt like there were no maps that contained good sniping spots or areas to fire at a distance, all the action takes place at the frontlines. This can be good at times, though. There also is the traditional Spec Ops along with a new survival mode. This survival mode sounded cliche to me at first, but playing it opened my eyes to a whole new world in Call of Duty. You can play on any of the multiplayer maps and you actually have ranks. You progress round after round fighting off hordes of soldiers, dogs, helicopters and the fearsome juggernauts. You unlock guns and earn money to spend on crafting a class to help you and a friend survive. The survival mode is awesome.
This game has a decent amount of replay value. The multiplayer is vast and you can play it for hours on end, but some issues hamper the experience. The singleplayer is awfully short though, but Spec Ops and Survival may add some more playtime. The game is overall good, but not great.