It's not bad... until you remember what BF1942 (with Desert Combat or Forgotten Hope mods installed) was.
Singleplayer tells an amusing enough story (and some the animation in the cutscenes is great).
Multiplayer is pretty good except there are some horrendous balancing issues. Going prone was removed because they thought it made snipers too powerful. Well, they still are, and now it's harder to hide from them because you can't go prone! Medics are also overpowered, their LMGs shredding anyone who crosses their path. Base r*ping is rampant and there's no way to prevent this (on the PC you could just vote to kick anyone who did it). The maps are too small so you never really get to appreciate the vehicles properly. And the so-called 'VIP' DLC has been a joke - all the stuff is on the disc already, it's being remotely unlocked by EA!
I'm hoping BF3 will come to consoles and give us back our huge levels, hordes of vehicles and proper balancing. While I've all but finished Bad Company 2 (all but three pins, stars for almost all the guns, all but one achievement) I find myself enjoying it elss and less as all the little flaws eat away at me.
On 360, waiting eagerly for the friends list upgrade cos mine is full