Not bad for F2P, PS2 will need time to develop into a better game, and given SOE's track record that may never happen.
I had friend who played in tech test and I played in beta since the end of the tech test, so I can safely say that I have been witness to the evolution of the game over the course of about 5 months. While a lot has been added, many elements of the game have left something to be desired, and regardless if they say that they have released the game, in my mind it is still in beta. While the game was nearly unplayable when I first launched it, and they have made major strides in performance, I have seen little improvement in my opinion in overall game play and I actually preferred the game in beta because of no view distance issues and that people had to at least earn there certifications as opposed to just purchasing them (many things garnered via the store should be unique to in game progression, making it a little on the 'pay to win' side of things). The maps were large enough to accommodate the player base in beta, now when the maps hit max population they are generally not fully utilized usually and results in too many players at one location. While this is the premise of the game that the battles are 'epic' in numbers, the engine and mechanics lead to a less then satisfactory experience after more then a few iterations of these kinds of fights.
While not going into full detail on the imperfections of the game, I feel that the choice to go to the free-to-play model was a grave mistake. The game wants to be epic in scale and call upon people to make strategic and tactical decisions, but the mechanics and map design (this includes base design) are not up to the task to really deliver a gratifying experience over the long term. The FPS mechanics of PS2 are taken straight from BF3 and the games that influenced it. The execution of these mechanics feel lack luster, if this game was released back around 2008, then they would at least be par for the course, but in 2012-2013 they feel dated and ripped off. This is not to say they do not get the job done or are not an improvement over PS1, but the problem again lies with the direction of the game. The devs have openly pointed out that the goal of the game is to also turn it into an e-sport, but the problem with this decision is that Planetside and Esports really should not be mentioned in the same sentence. When you combine all the decisions made by the developers on the direction of the game, I feel that in a couple of years it might pan out to be a good game.
I really enjoyed the beta and a few days of release, but since then I rarely played the game and currently do not even have it installed. Overall it is an ok game and for the price tag of 'free' that is not so bad if you want to check out Planetside 2 and what it has to offer.