Excerp from xbox.com:
We can record our play and let other friends watch your killer moves:
We've also been given the ability to record gameplay footage! Campaign, Matchmaking, Customs... Record away! If your playing like a God, you can be sure to record it for bragging rights to your friends. You can share the video by starting up a party, getting your friends in and then playing the stored footage. It will appear on everyone's screen, and the host can control the video with Pause, Play, Stop, Fastforward, Rewind, ect. It wont be just your view either! Individually, people watching it can watch First Person, Third Person or from a Fly-It-Yourself Birds Eye View. There are many new custom game features as well.
Customization is on a new level this time around. No longer does gamerules have to affect a general area. Now you can set abilities individually for each player or team! It can even be specific to whos winning or losing. Certain things such as lower gravity, preventing certain people from picking up certain weapons, and even setting people on fire!! Exciting no?Live has gotten some nice enhancements too. We can now vote. This probably includes booting players, but for now we told that we can use it to overrule the host! For example, the host is being an pain, or setting a game no one wants to play. Maybe the host has left and told no one? Vote against him and usurp his throne! We can advertise our custom games to the public now! Think of this as an optimatch. Let your custom game be known, people join, its like custom matchmaking! Ranks: Now we'll have actual "military" ranks in Halo 3. These will be seperate from matchmaking ranks and will include overall stats, ranked, unranked, and even customs. A nice bit of information is that three levels have been confirmed: Snowbound, a new map in Halo 3, will tote sentry guns along it's borders to fire upon any players trying to leave the arena and transparent doors that serve as recovery bays for the cat-and-mouse type players.
Valhalla is very similar to Blood Gultch, perfect for large team matches. Each base in Valhalla includes two Man Cannons, one for Spartans and the other for vehicles.
High Ground is Bungie's next Zanzibar with a central base that serves as the point of action. The only magic here seems to be destructible bay doors and an underground sewer pipe system.
Sounds interesting! Finally, Bungie is adding some Female voice talent to our lovely spartans. Players (preferably those who are actually female), will be able to hit an option to use a "Female Spartan." This spartan will look and act the exact same. The only difference is in multiplayer it'll have girly screams. :) This however is not a sure thing yet. Bungie gave us our first official Halo 3 screenshot!
Yay!. That is a sexy screen! Its an actual shot from Campaign, but cleverly reveals nothing about the level or story.