What is the Bungie and Microsoft official opinion on the subject? If the practice is approved of by either or both parties, 'tea bag' everyone in sight to your hearts content. But if they do not....
Consider this: would you approve of 'tea bagging' in real world sports? Would you find it acceptable if a child that you knew was ' tea bagged' by another kid at school?
Just think about it: just because you have no problem with the practice does not mean that the person that you are doing it to is not taking offense. These days just putting a strong tone in your voice can offend people...
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If one is getting offended at some funny character animations (and if it were Halo still, a funny rag doll response), one should really reconsider their values. I will teabag for the very reason that people actually get their panties in a bunch about something so trivial.