CoD should have a modern setting or at least a near future setting (mainly modern with some cool spy gear and weapons.) World War 1 & 2 are too limited to keep enough people playing.
Not really. World at war still has lots of people playing. Not to mention the fact that there are a lot of weapons back then and the killstreaks wouldn't be too powerful.
They were different enough to have plenty of variety. You had several assault rifles good for medium ranges, both automatic and single shot. You had sniper rifles with scopes good for long range. You also had automatic sub machine guns good for close ranges and rushing the enemy. You also had the light machine guns perfect for setting up shop on a hill/ledge and laying down covering fire. There are many other different types of weapons.
Besides, why does call of duty have to be about how many weapons you can use. Why can't it be like the old days where all that mattered was the atmosphere and the amount of fun you had fighting enemies.
Guns are the most important part in an FPS. While World War 2 is a cool setting, I just don't think it could make up a diverse multiplayer. I'd be fine with a World War 2 CoD if it had a heavy story focus. World War 2 would make an excellent setting for a cinematic story.