Pros: Graphics are amazing, Online play is awesome, Single Player is equally awesome
Cons: No one wants to spend $60 on anything, lets be honest.
The bottom line: Well worth the money and I would go far as to say it would be foolish not to get it because you would be missing out on a amazing experience.
The new edition to the Halo series is definitely one of the best games I have ever played. Finally the weapons in the game are balanced and depending on what difficulty you set the single player to, you will be challenged as a gamer. As an example for the weapon balancing, I'm sure anyone who played Halo 2 remembers the infamous Sword. In Halo 2 the Sword was considered what many gamers called "cheap" and in all honesty this observation might not be far off. In Halo 3, the Sword is now balanced so that it cannot be swung quickly like its predecessor, but instead has a swing and downtime to it that ensures the user must be cautious and actually use timing to get the kill. Another example would be the famous Needler, the worst weapon in the history of Halo! In Halo 3, its not even possible to dual wield, but the weapon holds its own as its power and rate of fire have been uped significantly. The elimination of the notorious auto-aim that plagued Halo 2 adds to the element of skill rather then luck in Halo 3, as the game doesn't do everything for you now. Online play so far is amazing to say the least, with the various game types and maps all being well thought out and fun to play. Easily worth the $60 dollars i paid for it.