Simply perfect, nearly
I thought they should have kept the health in the first game, it balances multiplayer better, althought the campaign does benefit from its loss, you'll have to decide yourself which system is better.
For me the multiplayer is unsurpassed in enjoyment, reguardless of skill the weapon balance works to create an almost infinite amount of situations, all of which end in laughter, if you're playing with people you know. There is nothing better than getting a bunch of people on the one 360 to play, which is where forge comes in.
Although the layout is fixed the weapons and vehicles can be replaces/moved/etc and if enough thought goes in the map can be redesigned to seem almost new, creating new hotspots, fights over weapons, or just teleporters taking you to random or dangerous places (like the top of a pile of exploding barrels).
This game is excellent, if approached with three good friends, a controller each and a saturday spent in total darkness, I doubt you will stop laughing (matches can now be saved and replayed, adding to the laughs as old memories, once forgotten, of embarrasing deaths could flooding back).
Oh, and AWESOME graphics