This. I agree wholeheartedly.
True, but some of us gave Bungie the benefit of the doubt after the halo2 screens/media, and then again after halo3.
Naughty Dog has always delivered. Guerilla had some doubt cast over them after KZ1 and Shellshock 67 (or something), but they totally delivered on KZ2.
Bungie?... I don't know. To be honest, I expect less of them than I expected from the people behind the "most definitive and graphically most excellent racing game of the generation".
back ontopic:
I think the realtime shots will be Halo3 but in 720p 2xaa, without "HDR", but with better textures and with the gamma toned down.
The weapons might be redesigned a bit to give it a 'new' look.
Also this time they could have smaller environments, but with a lot more detail than the vast, empty environments that halo is known for.
I think 3 years ago, gears or war set the graphical bar for 360 games. I don't expect Bungie/Reach to top it.