To be honest I wasn't terribly interested in the Multiplayer, but this is indeed bad news. If the game comes as bloated as UT 3 was at launch (and, to be honest, three years later there's still some stuff to be fixed) then we can expect even worse sales and, once the storm of kids gets tired of the game in a few months, death of online activity.
I SERIOUSLY hope that at least they won't implement GFWL in the single player (like they stupidly did in Red Faction Guerrilla, which is kind of a GTA clone: if you don't have a GFWL account you can't even save the game).
I hope that the game will at least have UnrealEd shipped with it, otherwise I'll wait until it's in the bargain bins before picking it up...