It was fun for a couple of weeks, but there really isn't much to do and suffers from the sandbox problem of no real goals. The survival aspect itself is pretty limited and there is plenty of food and water available (plus you'll likely die and respawn often enough anyway). There isn't much of a focus on hunting zombies either, sure that is an activity but it has been sidelined by a giant PVP fest. The PVPers and griefers have also pretty much dominated the forums for weeks now and anyone who tries to encourage or organize more cooperative gameplay is shouted down, flamed and ridiculed for being a "carebear" so the community has kind of gone downhill pretty quickly.
I don't recommend it if you are looking for a game about cooperatively surviving a zombie apocalypse, don't have a good group of people with microphones to play it with, or are afraid of not being able to see more than 5 feet in front of you at night (they level of darkness is kind of ********).
At least it has greatly increased sales of ARMA II.