So should I? 
I have twenty dollars to burn in my PSN account and I remember playing this a long time ago on the Xbox and I really enjoyed it. 
 
I want to play with friends of mine and multiplayer, but I'm worried there will be no one online. So can anyone tell me if the community still has a pulse. 
 
If this is a waste, what cooperative PSN titles would you suggest for twenty dollars or less?

I have no idea how the community is, but it should have a small fanbase still. Also if you and your friends want it just for coop then that is fine. Even if there arent many people online the terrorist hunt mode will be great for you and a few friends. I suggest you check the games actual forums on an official website for a better answer.

My advice: Don't.
 
I was in the exact same position as you, had some money to burn and remembered liking the first one on the 360. Wish I hadn't. If you've played any post-Call of Duty 4 shooter for any length of time, this game won't hold up at all. It's clunky as shit and looks (and runs) pretty awful.
 
On the plus side (if you can call it that), there does seem to still be a pretty active, albeit modestly-sized, community around the game. They're all impossibly good, and once they've encountered you will never stop sending you invites. Ever.

I say no. Cute game yes, but it's long dead now. Especially if you want it for the multiplayer.

I say save your money for something awesome to come out.

@N7 said:

I say no. Cute game yes, but it's long dead now. Especially if you want it for the multiplayer.

I say save your money for something awesome to come out.

I say this.