Some balance: I remove 3 points because:
2. I hate the health system in all but CoD1. On easier settings an enemy can unload a whole clip into you and all you need to do is take cover for a few seconds and you are all better again. I am not keen on health packs either but from this series nothing is better than beating CoD1 in veteran mode i.e. without any healthpacks and being forced to get through a mission on one health bar. Now that WAS exciting and very tense.
3. I found no replay value in this game as the gameplay is let down by the re-spawning enemy. This means that you have to push forward under fire to clear them out and stop them - totally unrealistic and makes it a matter of luck rather than tactics whether you survive. It's also very linear and there are barely any choices to make: L or R side of a building to run by is about it.
That said, it is undoubtedly a fantastic piece of programming. It runs perfectly on high settings on my humble 7600GT and is very pretty indeed. You can also see from the lack of massive and frequent patches that it was well put together in the first place. There are also reminders in the basic feel of the game that let you know you are playing a CoD game, which is nice.
I am currently playing Hidden & Dangerous 2 - 5 years old but giving me more enjoyment than CoD4 as a bit more thought is required.