It's fun with friends, I'm also playing it in split screen. My main gripe is the poor AI and unsatisfactory framerate, especially compared with those better split screen games like Killzone 3 and resistance 3.
I haven't run into hardly any bugs or glitchy aliens. The graphics are hard to critique since we are playing split screen on a lower res TV. All I know is we have been enjoying blasting away at the aliens.
And to think some has paid $59.99 for this, a feeling you cannot fathom since you paid $10.