I think it looks cool. I'm a big fan of Bungie, though I was a little disappointed that it has such a Halo feel. I mean, I love Halo, but I was expecting something a little different from Bungie. Nevertheless, I am pretty excited for it.
Not sure the big deal. Looks like a better version of Halo with RPG elements. Multiplayer doesn't entice me as anything new (although there's probably not much more you can do with a first person multiplayer). Not saying I wouldn't buy it... but I've seen a bit of hype over this game that I can't seem to justify.