No, Halo 4's graphics are noticeably better.
However because Halo 4 is pushing the 360 right to the limits of what it can do texture rendering issues and such are more noticeable. As is that 343 had to use more technical trickery, such as Lens Flare, to achieve these graphics.
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Not to mention they lose some of the game play we came to rely on over the past Halos. At least I would consider this part of game play. I am talking about the ability to go many checkpoints ahead and still be able to go back and pick up weapons from fallen enemies. In Halo 4 they had to sacrifice this feature to accommodate the new graphics. The only way to get weapons from previous checkpoints is if the weapons are in weapon spawn points, aka, weapon creates. That may be a small complaint, but for someone who relied on it heavily in past games it is really annoying to not have it there anymore. I am hoping with the XB1 they will be able to have awesome graphics and bring this feature back.
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Yep, Halo's always looked to have great graphics but we paid the price for that this time around cause of the strain the game put on the ageing 360. I'd say Halo on X1 shouldn't have that issue as the X1 is a big step up from the 360 in terms of raw power.