it's not that bad. (i really like it, find human players every day, etc) (on Ps3). there are some workarounds to the wonky (no) lobby system (see splash damage forums if you care)
if you buy it just for single player, you will be sad (unless you play the campaign on versus, which is actually pretty fun when you manage to find people)
the lag has improved (i have had maybe 1 in 20 matches in the past couple weeks that were bad lag, and i backed out and restarted and it fixed it).
anyway - the hype on this game was way overblown, but the blowback on how "bad" this game supposedly is is just as bad (and in some cases, mis-informed). Unfortunately, since the only viable way to play is with online folks (all bots is a little annoying), the bad rep it got (partially deserved) is further undermining the community)