Not saying Bungie would ever have the time or interest in re-writing all of that codec stuff, so that this could be a possibility or anything - I'm just saying I would spend 400-1200 ms points on a Halo 2 Multiplayer Arcade release.
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I've said before I wouldn't be at all surprised if MS fished it out to an outside developer. Heck, I suspect that if they pulled the netcode from Halo 2 Vista quite a bit of it would plug in... Stick some achievements in and boom, nearly free money. Obviously an HD remake would be super awesome, but that's a much bigger investment.