As per custom, this is a review of the Single Player only. Now, the obvious comparison here is to stack this up against Modern Warfare 2, as this was created specifically as EA's answer to that game. In that respect, I think Activision has just found itself a very worthy competitor. Instead of simply building on what Call of Duty gets right, this game creates its own style with its own advantages and disadvantages, while keeping the tried and true aspects like regenerating health. Most obvious is the destructible environments, a feature which really does redefine combat as advertised. But the much more open level design, better graphics, more original game mechanics and different enemy types all play a big part in making this feel fresh as well.
The big thing this game has that Call of Duty doesn't, however, is a good story with actual characters. I think this is where the game really worked for me, as the characters quip silly remarks or have existential conversations during and between firefights, poking fun at MW2 a few times as well. The main intrigue, turning around an Indiana Jones-like mysterious device, is built up wonderfully, with a truly mysterious atmosphere in the right parts. The game does resort to a Call of Duty-style worldwide hunt for one big bad guy, but it's handled well and concluded in a really badass way.
Here's where Call of Duty still has a huge lead: immersion. Bad Company 2 abusively resorts to jarring cutscenes, at times when Call of Duty would instead go for a mindblowing first-person cinematic. If DICE can just get the hang of keeping things immersive, or at the very least properly transitioning between cut-scene and gameplay, then the series would take a gigantic leap forward.
So basically, while Modern Warfare 2 is far more polished and generally better designed, Bad Company 2 is the slightly rougher game with a personality, taking big risks that end up paying off enough for me to actually prefer it.
In a sentence:
Amazing graphics and environmental destruction coupled with brilliant characters and a good story make this overcome its slight lack of polish and terrible use of cutscenes.