The multiplayer is quite fun, although has a few elements that make little sense. I shall list a few here.
1. Kill Important Personnel waves. This really doesn't make a whole lot of sense, considering the things you slaughter are either:
-Indoctrinated and modified Cerberus troops
-Geth
-Reaper modified/huskified things.
None of these makes much sense for being "very important" in any context of traditional chain of command. Cerberus might be closest, but even so they're still faceless mooks and have no characters of importance among their ranks.
Practically, this mode is also often a huge pain in the arse because there is an arbitrary time limit for killing the "priority targets", and if you fail to kill the single flagged target in time, the whole mission is a failure. What's this supposed to accomplish? You're going to kill all of them anyway to get to the next wave! What does it matter how long that takes or what order you kill all the things in?
This is especially silly when you are getting swamped by Brutes and Banshees and you're supposed to kill an important Cannibal or Marauder.
2. Banshees.
3. Resupply packs not giving enough medi-gel. I can understand that the stuff in them is randomized but medi-gel is probably the most important consumable item you can get from those packs, competing closely with the missiles. Might be better if there were a limited medi-gel supply on the maps themselves.
4. Banshees.
5. Sticky controls. Sometimes Reviving your team mates is a huge pain in the arse, sometimes melee doesn't work, sometimes heavy melee doesn't work. And it takes rather long for the character to start responding after being revived, but that might be game mechanic.
6. Banshees.
7. Lag-sensitive netcode.
8. Banshees.
9. Map glitches, although this thankfully doesn't happen often. An interesting variation can happen in Noveria (Firebase White); Banshees can charge to that elevated balcony which is behind the "camping point" on the walkway, but in this case it actually makes it easier to deal with them, since once they get there they usually also stay there, and their ranged attack can be quite easily evaded as long as you see it coming. Then you can just shoot them up.
10. Banshees, and this requires a bit of elaboration.
Even as a boss type enemy, the Banshees are rather hideously overpowered compared to Atlas mech or Geth Primes. They can move ridiculously fast with their biotic chain charge thingy, they have a wide area effect power that just destroys your shields, and as a final insult they have insta-kill grab of rather ridiculous range. Their ranged attack is a homing biotic blast which, although it can be evaded, is still very dangerous if it hits you. They also have ludicrous amount of armour hitpoints; their barriers aren't all that strong, but they can recharge them if they aren't under continuous attack. Thankfully the armour doesn't regenerate.
Brutes and Ravagers are also hideously annoying, but they don't feel unfairly out of balance. They don't really feel too much more dangerous than, say, Phantoms or Geth Pyros. The Reaper faction SHOULD be the hardest of them all, but as it is, the Banshees are pretty much the single most horrible thing I have ever had to deal with in any computer game. In single-player, they thankfully don't make that many appearances and when they do, you can sort of manage with them, but in multiplayer they are single-handedly responsible for making the Reaper faction such a difficult enemy.
However, I'm not sure if I would support them being nerfed or not. They are also hideous and creepy, and the sound they emit is awfully horrifying, but these things are actually good design features, and the terror they inspire in game really matches their appearance, the way they move, how they sound. Maybe it should remain something that we love to hate.
Overall it's great fun though.