Imagine playing Monopoly and one player takes two turns for every turn by other players. Or playing American football where one team gets 6 downs while the opposing team gets only 4. That's the state of Ghosts' entertainment value as a "game". It's simply not competitive and not much fun in its current state.
Repeatedly, a combination of the matchmaking system and the hit detection system means that one team can score hits quite easily while the opposing team gets hit markers but inflicts no damage. Immediately after the midnight release things ran pretty well. But as the Ghosts population grew the matchmaking systems and/or dedicated servers have broken down. One session you're invincible and the next you're shooting marshmallows. In either case it's not fun. It's not fun to roll over an opponent simply due to your connection to the host and it's not fun to face a hopeless situation. A game's outcome should be in doubt at the start and not determined by a game's underlying code.
The weird part is that the matchmaking system makes things worse. It appears to place players with a good ping to the host on his team. It's host advantage on steroids as one entire team has a superior connection to the host.
To be entertaining games should be both challenging and balanced. At the moment, too often Ghosts is not balanced and that can make it really boring. BF4 has enough issues that I still haven't bought it in the hopes that Activision would deliver a superior product that included dedicated servers. But now it appears that there are so few servers available the vast majority of Activision customers are stuck with the old p2p system and its inherent problems. Other than that Ghosts is awesome. It's just not a fun game much of the time.