It's just horrible IMO. The first part of the game is okay-- it focuses on what made condemned 1 good, though what happened to the clean visual style of the first game? Now everything has next-gen shine and mud and is fugly. Anyway, there is just too much shooting and other bullshit. The boss fights are bad, the levels become wacky and they stay shittily designed (the barge at the end of the game SUUuUCKS). The story is almost unbelievable, and the gameplay mechanics that arise out of that are hilarious.
best part of the game was the bear chase scene and that wasn't scary for the same reasons that condemned 1 was interesting.
I don't give a crap about multiplayer though. Condemned 1 was truly a great game and by far the scariest I've ever played. I wasn't scared once by Condemned 2 and I really, really tried. Played only at night, lights off, everything.
Seeing CCCCOMBO!!! flash on the screen is not the way to do things.