The story is mildly interesting, even though neither Chief nor Cortana are anything like they used to be in 1 through 3. The gameplay, however, is next to absolutely shit. Who thought it was a good idea to create an enemy that you can only kill by shooting the back of, and then program its AI to never turn around?
Sounds like piss-poor game design to me.
I'm just happy that the multiplayer is fun.
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I'm reserving judgement until they release the most important component of the game.