Depends on what you prefer I guess. If you liked the original Flashpoint then Arma2 is the obvious answer, no questions about that. If not, then read on a bit more:
The original Operation Flashpoint series, which Arma and Arma2 are part of, is realism-oriented gameplay combined with excellent moddability. As Hunter said there's hundreds of user-made units, islands and other content freely available. The community is small but very active and dev support is excellent. A stand-alone expansion called Operation Arrowhead is coming out in a few months, which'll hopefully bring some new blood to the community.
Dragon Rising has the Flashpoint name, but the content is more of a traditional shooter. Sort of a Flashpoint-COD hybrid. Not geared towards realism very much, but less "shooterish" than CODs. Very little moddability so the community is pretty much dead by now and the game officially abandonded by the devs.
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