Im not to sure if this has been discussed but, I think that to optimize the amount of sweet stuff in HALO 3 there should be two seperate discs. A Halo 3 campaigne disc and a seperate multiplayer one.
Just my thoughts...
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This goes back to my original theory that this "execuatable" 2nd game disc will be a Map/Movie Editor for the CE and LE editions, which will not be present in the SE. A premium feature that you will need to pay for, where some people will want it and others won't. Only time and Bungie will tell.