Still great.
One problem is that the game is just a tad too short. Instead of putting that cliff-hanger, they could have told you what happened, and actually have let you "finish the fight" instead of cutting it off a tad short. Another thing I noticed was the watering down of the basic pistol and the shotgun. The shotgun holds a bit more than half what it could, and reloads quite a bit slower. Additionally, it's not as effective as it was in the last game. The same goes for the pistol. The pistol is now smaller and black, much better looking. However, it holds a lot less and is, again, less effective. Even more is that it also loses it's mini-sniper, which is what made it so handy. These downgrades weren't really necessary and just make some of the gameplay a bit more of a struggle.
However, this time instead of worrying about the health bars, you now only have to worry about your shield, which now is much more powerful, and recharged much faster, which makes the gameplay a lot less stressful.. which can be a good and bad thing.
Other than that, the gameplay is still an amazing, thrilling experience, but is not what the last one was. I haven't tried the online portions, so I haven't much info there, however the game lacks the genius that the last had, despite the fact that it's still brilliant and will last a long time.. Just not as long as last time.