I don't see why they would cut armor customization, even if they had to scale it back to something more a long the lines of Halo 3's limitations. Splitscreen is an unfortunate loss because Halo is the only game my older brother plays and I like gaming with him occasionally so... :(
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One of the more annoying things about the armor customization, they have tons and tons of skins for weapons and armor. I would have much rather they put in the resources towards mix-n-match armor than designing all of the skins.