I'm right here with you. Barely any interesting characters, not much point for trading, unimpressive animations, missed opportunities, too many small locations scattered across the map, a story that cannibalizes both F1 and F2, sluggish FPS controls etc. I midlly enjoyed it for around 20 hours, but it's really not a good example of either console or RPG gaming.
There are still great console games- GTAIV+DLC comes to mind, Assassin's Creed 2, Pure, Rythm games, Red Dead Redemption and Mafia II come soon...
Oh and Mass Effect 2. Which I played on the PC, but is great nonetheless.
As for CnC4's story, I've only seen the FMVs, and, while not terrible, there's not much plot to speak of; very short, rather uneventful.