IMO, CryEngine 2 is the best Game Engine released this year. Agreed that Crysis as a single player game has been disappointing to many after all the hype made around it, but I am looking forward to more games being made on CryEngine 2. This Engine may be putting most GPU's to shame, but the Engine is so well optimized that the game is still playable even at 12 FPS. Anyway I have not even played the game even though I have the legit version with me for quite some time now as I feel my 1900XT does not do justice to this game. This game should be viewed as a Tech Demo for a next gen engine than as a contender for GOTY.
As for the GOTY, I would say that COD 4 should get that irrespective of its short length.
Bioshock was like a teaser for the current gen games, it was a great game but it does not deserve a GOTY. Frankly I felt that it does not use the UT3 Engine on PC as well as UT3 or MOH: Airborne does. Both Bioshock and Stranglehold are have not used UT3 Engine properly.
As for Multiplayer fun, both TF2 and COD 4 score there, but UT3 should be the best of the lot for many.