As someone that told you to try MP:H, I think your review is very fair.
My view of the game is of course colored through the lens of nostalgia but I do remember it getting quite repetitive in terms of enemy encounters. So while the variety might not be quite there, the moment to moment gameplay was still phenomenally well executed.
I wonder when the employees knew. From the news it looks like the closure had been decided on the C-level.
I would not be surprised if a new studio springs into existence from this.