Personally i think it is an above average shooter, and an incredible RPG. One of the few games that made me think about the choices i made, and care about characters within it. All the stuff that was streamlined was in my opinion the stuff that needed to be. Why have a massive choice of armor and weaponry, when really they're all the same? People complained there was less customization in ME2, but to me it felt like more, since having different armor and weaponry actually made a difference this time around. The characters were better more fleshed out, and more importantly they were actually like-able. All the quests were fun, and it never felt like a grind at any point to me. Indeed, I'm hard pressed to find any flaws in it whatsoever.
It is very possibly my favorite game ever, and if not then very close to it. Outmatches mass effect 1 (Which i also love) in every respect.