SONIC THE HEDGEHOG (The 2006 game). I just finished it and while I don't find it as bad as everyone says it is, I still find it rather poor. Damned rushed development!
It's not the worst game I've played though but it might come close since I can't think of anything else at the moment.
EDIT: Hold on, thinking about it now, I guess Duke Nukem Forever would have to be one of the worst games I've ever played. 14 years of development (Though it's technically 2 years) and yet Gearbox seem to have forgotten what usually makes an FPS good. I mean, Duke's jumping animation just looks ridiculous as his entire upper body is completely stiff when he jumps. We didn't have that issue in Borderlands so how the hell did they mess a jumping animation up? Also the graphics are poor, the load times are horrible lasting up to 30 seconds (Though from what I hear the PC version has better load times up to 8 or so seconds) and the gameplay despite having a few neat ideas, they don't really work that well. I actually couldn't even bring myself to continue playing after the second boss since it's not the sort of game you play with people around. And even then you'd probably play something better instead. Overall, the game sucks hard and is probably one the biggest disappointments in video game history.
It's not the worst game I've played though but it might come close since I can't think of anything else at the moment.
EDIT: Hold on, thinking about it now, I guess Duke Nukem Forever would have to be one of the worst games I've ever played. 14 years of development (Though it's technically 2 years) and yet Gearbox seem to have forgotten what usually makes an FPS good. I mean, Duke's jumping animation just looks ridiculous as his entire upper body is completely stiff when he jumps. We didn't have that issue in Borderlands so how the hell did they mess a jumping animation up? Also the graphics are poor, the load times are horrible lasting up to 30 seconds (Though from what I hear the PC version has better load times up to 8 or so seconds) and the gameplay despite having a few neat ideas, they don't really work that well. I actually couldn't even bring myself to continue playing after the second boss since it's not the sort of game you play with people around. And even then you'd probably play something better instead. Overall, the game sucks hard and is probably one the biggest disappointments in video game history.