Inaugural post...
My friends and I are a bit of a different breed in this regard. Without starting all the console vs. pc arguments, the bottom line is that all of our multiplayer action is done in person at a LAN party, with an ethernet switch and copies of games that still allow us to do this: Unreal Tournament 2004/3, Crysis, CoD4, Quake 3 Team Arena, Half Life 2: Deathmatch, etc. As an aside, there are usually a few girls who attend our LAN parties, so clearly there are some differences between us and the mainstream CoD/BF players.
While I did get Black Ops for Christmas last year, I still haven't finished the single player campaign, and I've never played a game online. One of the things that makes our LAN parties more fun is the fact that none of us really have enough time to play games outside of LAN parties, so knowledge of maps, spawn points, and weapon locations are basically level. We get together, set up the LAN, pick a game, and have fun shooting each other and gloating about it in person; the loser has to get up and bartend between rounds.
More and more FPS games released today forego LAN play, custom maps/mods, and cost more than the games are typically worth. BF3 costs $60 on Steam, and the map packs are invariably deemed more expensive additional content. UT2004 costs $14.99 (though I bought half a dozen copies of the game on disc at Gamestop for $1.99 a pop), UT3 costs 19.99, HL2

M is $5 (free if you have an nVidia GPU), Q3TA is $20...and they've all got PLENTY of maps and mods available around the internet for free, and I never have to worry if they pull their servers down. Yes, I know that these games were JUST as expensive upon release, but I can buy them today just as easily as I can buy BF3.
Pointing a gun at something that moves and clicking until it no longer moves is an inherent constant with regards to FPS games, because its their nature. While Bioshock and Mass Effect did better jobs than most with regards to explaining WHY you were shooting at the other people (and, of course, why they were shooting at you), the fact is that there is relatively little innovation that *can* occur in the genre as far as mechanics go. You can make minor alterations here and there like the time grenades in Timeshift (good), the nanosuit in Crysis (good), or the regenating health model in Halo (questionable), but even then there are only so many gimmicks that can go around.
What can change is the 'why', but for that you need a good writing team, and a dedication to making a single player campaign that's 30ish hours long or so. Deus Ex: Human Revolution seemed to have done so, but its clearly not the same market as CoD, since there's no visible means of pulling a "spray and pray", even in situations where that's a perfectly viable solution. More to the point, when BF3 and MW3 are both selling millions of copies (yes, I know MW3 isn't out yet, but we all know it will), why spend all kinds of money on a Deus Ex/Bioshock/Mass Effect level of story, when "you're in Obscurzikstan, shoot any Obscurzikstanians shooting back at you" is all that's really needed and make more money in the process, especially since the haters won't change their tune no matter if it was the "Saving Private Ryan" of war games?
Joey