From a multi-player perspective, probably.
From a single player perspective, probably not. Does Deus Ex 1 count as an FPS? If not, then Farcry would be up there in my opinion.
Then again, it's all down to personal taste. I preferred the '1984 resistance fighters' setting of HL2 to the underground facility with exotic aliens of HL1, but I'd still call HL1 the better game gameplay-wise.