It's almost nonexistent. 99% of it is hidden in the grimoire cards on the website instead of in the game. What little is in the game is a confusing, schizophrenic, train wreck that seems more like a series of random unrelated events than a cohesive narrative . We don't even have an antagonist for f*** sake! I don't think any of the bad guys even get a single line. Not that the protagonist is much better. I can only remember my character speaking like 3 times and in all of them it was very brief, maybe one to two sentences. The entire game contains [i]maybe[/i] a paragraph at most of dialogue from the "protagonist". "I don't even have time to explain why I don't have time to explain" pretty much sums up the whole "story". It's ridiculous that they had a 500 million dollar budget for this game and this is all we get. Apparently Bungie is paying a million dollars a word to dinklebot. They must be, because it's the only explanation I can think of.
Edit: Even Halo had a better story. How do you even make a worse story than that? How is that even possible?! I've read fanfic with writing that's orders of magnitude better than the actual game.
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No there is another, YOU have to make up for Dinklebots fee by paying for the story in timed installments.