I watched the extended demo of this during the Sony PS4 announcement event last night. Looks really nice from the footage, but it definitely looks very similar to Halo in terms of design and gameplay. That isn't a bad thing if you like that style of gameplay.

Also worth noting is that Bungie are designing this game for the PS4! I bet M$ are a little annoyed they don't have this as an exclusive for their next console. It will also be available on the PS3 and I think possibly the 360, but the PS4 version will be focused on more with exclusive content.