To start, I really like FOM a lot. I still prefer its single player campaign over Resistance 2.
However, Resistance 2 is a very good game, and along with Bad Company, one of my all-time favorites.
Whether or not this game was over-hyped doesn't change the fact that it's still a very good game.
The Good: - Customizable controls!!! It's actually sad that I have to point this out as a "feature", when it really should be standard for ALL games. - Fun single player campaign. It's not as good as FOM (seemed shorter, and your Echo Team members were almost useless), but it's still a fun campaign with some replay value. - Multiplayer co-op. These are short campaigns, similar in style to Quake Wars. A lot of fun, with tons of replay value. I've spent a heck of a lot of time playing this... much more than I spent on FOM (including multiplayer). - Good graphics. It doesn't "suck", but they it isn't "great" either. Better than average.
The Bad: - Single player campaign could have been more substantial, but it was still much longer than, say, COD4. - No single player co-op. Now, before you "I don't care about co-op" nazis get your panties in a bind, this is important for some people. I've had a lot of fun with friends playing single player co-op campaigns. In fact, one of my cousins bought FOM after playing it with me one night, and she normally doesn't like FPS at all! It's an in-person social thing, which may be a foreign concept to some kids these days. - Limited filtering choices for multiplayer games. For example, for competitive games, you can choose "Any" or one specific game type. I'd prefer if you could specify Team games only, maybe Meltdown and Core Control only, etc. - This one is minor, but it would be nice if there were more trophies associated with multiplayer co-op. - With multiplayer co-op (maybe also for competitive - don't play that much so not too familiar with it), there doesn't seem to be a way to keep a team together over multiple campaigns.
In short, the campaign is a lot of fun, and you learn more about the Resistance story. The multi-player is excellent, with a ton of replay value.