Yeah, the controls are as awful as people are reporting, even without the exaggeration.
For one, they could've just made the R2 button a toggle button to switch on or off between the first and third person views. Did they do that? No. You have to hold the R2 button the whole time you want to remain in first person view. Hold the R2 button harder to zoom.
That is terrible design of controls. L2 doesn't even get used for anything, if I recall correctly... and they want to put two functions into one button? Terrible.
@ demi: I can't fathom why this didn't get a Blu-Ray release. Maybe they didn't think it was the worth the cost to print the discs? Who knows.