{This was written as a response to the first post on this thread, but mutated a bit as I built up momentum. If brevity is the soul of wit, then call me Mr. Dull-Pants}
[SPOILERS ALL OVER]
I was initially disappointed by the apparent lack of depth in the leveling system, but soon grew to appreciate the streamlining of certain elements of the game. I'll gladly sacrifice hours of micromanaging armor, armor upgrades, weapons, weapon upgrades, special ammunition, comparing/shopping for slightly improved omni-tools and amps, forgetting to sell off superfluous gear until my inventory is maxed out, checking and double checking levels of grenades to make sure I'm not selling something I'll need later, and falling asleep in the midst of yet another seemingly endless transaction with the Normandy's Requisition Officer. Jacob can handle that shit. A good leader must delegate. I also had some issues with the lack of exploration and a de-emphasis on the importance of Shepard's role as Human Specter #1, but got over them as the story unfolded.
I don't mean to get off on a rant here, but ME1 and ME2 are less games (in a traditional sense) than the first two acts of a space opera starring you. As such, they riff on the traditional three-act story structure beautifully. ME1 throws you into the world of interstellar politics and intrigue, and your role is primarily that of the investigator. Ignoring side-questing, the bulk of the game is spent figuring out just what the hell Saren is up to. I know that's a gross oversimplification, but it effectively serves the purpose of establishing that the Reapers are a force to be reckoned with, and that in a complicated galaxy, the role of "hero" is equally complicated. End Act 1. Curtain down. Nerd-boner at full attention.
ME2 is more streamlined, with a clear goal (stop the Collectors/pay them back for killing you) presented almost immediately. It is, in many ways, simpler. I feel that this benefits both the game and the series. The accelerated pace of the storyline and the increased emphasis on shit getting blowed up more efficiently are perfect for the evolution of Shepard's role of investigator in a new location. Working for the Systems Alliance in Citadel Space was an endless barrage of red tape and politics. Part of the fun was experiencing the emergence of a big space adventure in a part of the galaxy that (on the surface, at least) provided a normal, boring life for the average citizen. The Terminus Systems, on the other hand, are more analogous to a galactic Wild West. More often than not, your gun/omni-tool/biotics do the talking for you, but with sufficient shrewdness, your interpersonal relationships and influence over galactic events do not suffer in the process. (Okay, except for Kaiden/Ashley, but given the choice between sexing up either of them or the super-biotic asari maiden research scientist, I'd always rather have the blue chick. Te adoro, Liara.) ME2 raises the stakes, shows you the consequences of decisions you made in ME1, while simultaneously revealing a more chaotic and potentially morally compromising part of the galaxy. Mining mini-game aside, the tension builds to a truly epic confrontation with the manifestation (in the Human Reaper Larvae) of the fears shared by many non-humans: a godlike human entity hell-bent on eliminating all "alien" life. Then you blow it up. Stellar (if you'll forgive the pun) Act 2.
To actually get to the question, no. You're certainly not the only one who thinks that ME2 is crap compared to ME1. But I think it's the wrong question to ask. Instead, it's far more constructive to analyze specific gameplay elements that were present or absent in each game, rather than dismissing an entire chapter of the story outright. It's easy to romanticize certain elements of a beloved game (as I often do w/ regard to ME2) and decry any changes as "fixing what ain't broke", and it's just as easy for such romanticism to close one's mind to any number improvements in a saga/series simply because they are different. If you really like game franchises that fail to takes risks, that merely cash in on fan loyalty without committing to innovation, that churn out the same game over and over into infinity . . . . just play Dynasty Warriors. Each one is a little better than the last one, no more, no less. There is a kind of comforting predictability to such gradual progress, and the games are a lot of fun, especially when you co-op with a good friend in the same room, but for my money, I'd rather have Mass Effect. And gun to my head, I'd rather have Mass Effect 2 than Mass Effect 1.
But, of course, that's just my opinion. I could be wrong.