To reinforce my stance, have a look at Uncharted 2: Among Thieves for the PS3. Now THAT, friends, is a good fucking campaign experience. Breathtaking action sequences, decent gameplay, and on the story side of things, quality writing, near-perfect line delivery from an excellent cast and amazing character animation create likeable, human characters that draw you in and get you emotionally invested in the game.
Play the two games' campaigns side-by-side and the difference in quality is unquestionable. It's official now, Bungie is greatly falling behind in quality next to its competitors and needs to shape up.
Props to Naughty Dog. The PS3 finally has a killer app.