Yeah it can and while it's very fun it's still very clear and evidient that the maps and story progression were made with a single player in mind and having friends tag along is just a last minute hack.
I want to see games like that where the multi player co-op in story mode is built into the maps and into the story progression itself. Think playing Halflife 2 where some of the NPCs are other players when you you have to meet someone somewhere, you actually have to wait for the other players, split up to achieve different tasks, rejoin and fight together, etc.
Playing something like Metroid Prime in co-op where you both have to activate switches at the same time... or slipping a key through a drain to another player in Resident Evil, working together, etc.
Maps like the Spirit Temple in Ocarina of Time being solved by two players simultaneously (in game you have to go back and forth to different areas accessible only as young Link or adult Link exclusively) or having players in the "dark" and "light" world at the same time in the same spot leaving clues for each other to progress, etc...
Play a game set up like Deux Ex where one person has to sneak into the guys apartment to get info while another has to keep watch on the checkpoint, and you don't know which place the guy will be each game, etc.
I can see why nobody does it... easier to just copy and past the same 10 year old death match code into the multi player option and get your $59.99 game out the door.