The human eye sees downward at 75° but sees upward at only 60°
This means that to better mimic the way a person actually sees, the targeting reticule should lie 44% of the way down the screen instead of dead center 50%
It's a commonly known design principal and the reason why in film (cinematics) and portrait photography, the subject's eyes aren't dead center.
For some reason this concept has never entered into the world of video games and I think it should. Of course people are used to the reticule being dead center, but as a photographer and gamer, I always feel like I'm running around with my head at an odd cock, and I think the gaming community would appreciate (possibly by not even noticing!) having the reticule slightly raised.
I seriously think you should give this a try, Bungie, and see if it feels more natural to you.
[url=http://en.wikipedia.org/wiki/Human_eye%23Field_of_view]here's a quick wiki that says so[/url]
[url=http://photo.stackexchange.com/questions/21249/what-is-the-visual-center-of-an-image]here's some more support[/url]
Technically the visual center is supposed to be a little to the right, as well, but I think it's based on the world being right-side dominant, which could makes sense, shooting from your right shoulder.
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Very interesting point. By the logic you've stated, you see more of the bottom of the screen moreso than the top so the reticule would actually make more sense raised. Then there's the positioning of the screen and how much you compensate by tilting the head. The most obvious solution to me, is the ability to adjust the height of your reticule.