I'm not going to touch the subject of multiplayer. Mostly because there is hope they can patch it.
But the campaign is awful. I had high hopes for it since the original Black Ops surprised me on how good it was.
The story sucked and jumped around way too much. It wasn't immersive at all. I know CoD is famous for that, but it went overboard.
The detail of everything from vehicles to buildings seemed to be low on the polygon count, and the lighting effects made things look gimmicky and dated, especially outdoors.
Triggers for events seemed out of sorts. That's important in a story driven and scripted campaign. There is a scene where you have to run and jump off of a flaming building while getting strafed. All I had to do was run down a narrow hallway and jump. It took me about ten tries. And I can't explain how the successful jump was different from the rest.
It just felt disconnected and geared towards ADD kids.