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When comparing all three
When comparing all three objectively, the only place I can give a category to H2 is in graphics. It is an excellent example of what can be done with a platform near the end of its lifecycle when its architecture is well understood by programmers. In retrospect, I am very disappointed in H2's campaign. It was downright confusing to me, and I read the novels and study the character dialog from each campaign.
Halo 3 is a great game, but it's still not H1. Either Bungie blindly stumbled onto H1's multiplayer balance or they deliberately strayed from it for H2 and H3, but they certainly haven't reproduced it since. For me, COD4 comes closest to the H1 balance of any game I've played so far. I like its multiplayer better than H2 and H3 and I plan to stick with it as my main multiplayer FPS for the immediate foreseeable future.