I was worried about the MP as I thought it would be absolute crap, but I am more than happy to say that it is amazing, one of the best MP I have played.
The ranking system is unique as well, you get a new plasmid/tonic/weapon each time you level up, and the amount of adam required to advance each level remains constant (I have been playing off and on for since Monday night and I'm at rank 17 – Approx 5 hours). All the modes are great and fun. Sometimes everyone gets kicked from the game and you have to start over or your mic just stops working (requires that you exit the lobby and return). Otherwise it is sweet. One of the best parts is you have 3 loadouts (2 weapons, 2 plasmids, 3 tonics) that you can customize and switch between during a match!
Single player is great, just as good if not better than the original. The two big differences are hacking and the research camera, but I like the way they did them both better.