No, it's not really that bad. I highly enjoyed my time playing the game. However, it did get old after about half a year at which time I moved on. I wouldn't call it the best thing since sliced bread, but it was a well thought out, enjoyable experience-- even though it, like all games, had quite a few points of dissatisfaction. Though I understand they've made some nice strides in fixing some of the more common complaints.
If you can accept the bad with the good and have decent fellows to play with, it's a really fun experience.