Yes. I'll be the first to admit that they dumbed it down far too much (although that's to say that ME1 didn't need SOME dumbing down) and that missions are far less varied then those of the original. But...I don't know...the majority of your squad are so original and fully realized that interacting with them almost makes the game. Plus, the combat still works just fine, and it's still a blast to play through.
I'm hoping ME3 will fall somewhere between 1&2 on the complexity scale,(number of weapons/upgrades available, leveling up, etc.) with missions like those of ME1. I mean, if you think about the Feros mission, it was fucking HUGE. I miss that.
Oh yeah, and they should also relegate Paragon/Renegade points to an experience bar I can spend points on, so that I don't have to make consistently good/bad choices throughout the game for the best ending. That's not what morality means.