Ahh, the theater in Halo was great. Proving I shot that *Insert expletive here* in the head in team snipers and he still got away.
I would say that, they are likely using a lot of components from the engine they built for Halo, and as such would most likely implement a theater mode. But I said the same thing about splitscreen...
Also the whole "No menu, you're just in the game" thing kind of suggests there won't be a theater mode. Not unless I can get a popcorn booth in my fancy spaceship...
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Perhaps an overlooked use for our spaceship? Press square in orbit and retreat into the spaceship to be able to customize game footage from a starboard computer hub. Amongst other things of course.