Pretty much nailed it
EXCEPT!!! (and that a big ass except)
You forgot to mention the masses of aimbotters who are entirely ruining it, the fact that IW require us to report these mooks personally in great detail to their FORUM admin, no kick votes.
Yes all the above might be covered in 'no dedicated servers', but still...
THE THING I HATE MOST ABOUT MW2 IS CHEATERS!!!