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I like your interpretation ZGaiden, but the direct latin translation is The Court of Champions, with several alternate uses for each word: The Hall of Heroes is one. My favorite is Atrium as: reception/waiting room/entryway and propugnatorum as of protectors/guardians. Bungie has so many awesome little details in this world already!
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Those translations definitely sound better.
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Unfortunately people don't appreciate these things because they need everything to be in your face obvious... Damn shame .