The ultimate in arcade shooting action is in my opinion Call Of duty series... however COD3 was absolutely awful and i vowed never to play cod again... However a different development team has developed Call Of Duty 4: modern warfare and i have to say: it looks amazing.
COD games have always been set during WWII however this game is set in the new millenium.
Some ingame footage here:
YouTube - COD4 In-game trailer
And the must see full trailer here:
YouTube - COD4 Trailer
Must buy game.