Gamespot.com said they think the game trailer is occouring in the future. Personally, my prediction is that the Large flying object the Chief was on at the end of Halo 2 crash landed, which is where the trailer picks up. There is debris everywhere, which could be the effect of a crash landing...
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Exactly: Truth's ship just used slipspace. Apart from the VCR needed to be reset, everythings fine.