No, the worst thing was following up the best coop action game of the past console generation with a bland single-player third person shooter.
Honestly I didn't care for either direction Lost Planet went after 2. LP3 has some interesting story ideas and good atmosphere, but mechanically it's several dozen steps backwards. EX Troopers is too out there visually and tonally, plus I don't like the idea of breaking the game up into several hundred missions. It became too much like Monster Hunter.
What was great about LP2 was that its campaign had a ton of variety, but there was also a cohesive element to everything. It was through a tight combination of equipment and allies that you're able to adapt to all of the unique situations. Couple that with the excellent sense of weight, the powerful weapons, and the satisfaction that came from every interaction, no matter how minor. It really felt like Capcom's expertise at cooperative beatemups being displayed in a 3rd person shooter.
Still, I guess it worked out that there wasn't a "true" LP3, because we did get Dragon's Dogma. Between vanilla and the expansion I put well over 100 hours into DD, and I suspect I'll put in just as many, if not more, into the PC version.