Battlefield 3 certainly didn't kill it, but it sure proves that there is no longer any value in the single-player campaign, especially when it comes to AAA titles.
Exhibit A: TotalBiscuit's first impressions video:
I agree with EVERYTHING he says here:
Way too many cut-scenes
Too much turret-style action
From a visuals point of view, Battlefield 3 is awesome, but I think that somewhere down the line the developers forgot that they were making a game and made a Pixar-style war movie. I like cool visuals, but I also like playing a game ... Battlefield 3 only lets me do one of these.
Graphics isn't everything!
Bottom line, there's less and less entertainment value to be had from single-player campaigns. Probably the last game with a decent single-player campaign was Crysis 2. Before that it was probably Crysis.
The only decent first-person shooter single-player game out there is Arma II ... and I have high hopes for Arma III due out next year. Arma II certainly wasn't a AAA title, and it had a steep learning curve, but boy is it a lot of fun! You get a realistic weapon load out, you get to plan. Oh, and this is a combat simulator so you don't shrug off bullets and grenade explosions like Superman. You get hit or fragged, chances are, you die.
I agree with TotalBiscuit's conclusion - developers should abandon the single-player campaign, focus their efforts on the multiplayer and sell the game cheaper.