It's still going. It's easy to find games. Hell, Blacklighht Tango Down is a multiplayer focused shooter that came out a few months ago and when I checked earlier this month there were still quite a few people playing.
The only problem with MNC is that there seems to be a huge disparity between people who understand the classes and how to play and those who don't. I feel like I always end up on a team where either only one other person understands how to play and we get dominated or the other team is full of people who don't understand the game and we dominate them. It's not even a function of how much you've played. I see people at level 80 who won't build or touch the annihilator, but there are people at level 10 who do fine.
I definitely say give the game a try, and don't hesitate to buy if you like it. It seems like the team is committed to supporting it and the community is going strong. Yesterday, Major Nelson released the XBLA sales list for last week and the game is still high on the list, so I wouldn't worry about people leaving too soon.
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