Yes and its a very good. at least to me and the people I've played with. So far so good.
"It's not about the money Son, It's about rules. You see without rules we all might as well live in trees and fling our crap at each other." Red Foreman on That 70's Show
Cool! It's been a while since the BF series last had co-op, or was that just a mod? Anyway, I always enjoyed going into it solo and just running and gunning against the AI.
I think the co-op mode is more like the single-player, but with two players. Most unfortunately, though that could be fun. It's a shame it isn't at least four players though.
"Drop 'Em Like Liquid" is some of the most fun I've ever had playing co-op. If you're not there yet I won't ruin it for you, suffice it to say, it's really radical.