In the books the Spartans has unbelievably fast reaction times. They were able to occasionaly dodge bullets. What if in H2 you were able to dodge bullets when your adrenaline spiked. This would be bad ass.
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Ew, bullet time, that would just make the game feel so...generic for lack of a better word. i'm sure bungie could pull it off better than enter the matrix did, but still, ew.