I really disliked the trailer, but as for the game I reckon its gunna suck for a few, speculatory reasons.
Take note that this is speculation.
1, This is a blatantly obvious cash grab, and everyone knows it
What really bugs me is that its a continuation of Halo 3 and not even set in a different time or area when the Halo Universe as a whole has so much potential. Chief's story is done. All the enemies are dead and all the Halo rings are pretty much out of commission.
They will (most likely) slap on a bunch of half-assed missions with a really poor plot loosely tying everything together, doing the bare minium it takes to sell.
Don't forget, Halo 5 and 6 were announced as well, and whilst I'm not sure if its true I heard they will be releasing one each year.
Sound familiar?
2, Halo will be CoD-ified
This already happened in Reach. While it wasn't to a massive extent you could see Halo was shifting towards being more like other shooters.
This is only going to become more and more apparent until Halo is CoD in space. I am 100% positive of this one.
3, Everyone is dead
As said before Halo 3 got a resolution. It was a pretty...empty resolution, but it was an ending nonetheless.
The Covenant who broke away and fought against the ones who were still loyal are continuing to do so out in space somewhere. Goodbye Elites.
Humanity apparently only has around 300 million people left, so any more major involvement from the UNSC would make little sense.
The Forerunners and Flood are looooong gone. The whole point of the Forerunners was the mystery anyway, actually showing them or worse, saying they were humans all along will be a massive kick in the balls. Having the Flood come back again would be dumb. They aren't some dreaded alien menace anymore. They've tried multiple times to kill everything and failed due to the actions of one man. Making them the bad guys again and then kicking their asses, again, would be an extremely poor move, it would make the Flood a laughably bad enemy, if they aren't already.
Point is that none of the already established races/factions could not have any major involvement or else it would lead to something like canon defilement crossed with massive stupidity, which brings the question of...
4, Where does it go from here?
So lets say its (somewhat) safe to say that Halo 4 will not include any of the old races or characters aside from Chief and Cortana to a significant degree, so what replaces them?
I think its inevitable that Halo 4 will add in a lot of poorly explained, barely previously mentioned stuff just for the sake of a game.
Personally I expect to see Master Chief being some kind of 'Chosen One', the Forerunners returning as well as the Flood and Precursors with no good explanation, the Halo rings will once again have a major involvement, (duh) the Elites and co. will return to aid the Humans (who will have quadrupled in numbers and built a few million ships overnight) despite their own problems at home, the Covenant Loyalists will be back as the main baddies so that old models, animations, plot elements and the like can be reused.
All of this will lead to a complete chop suey-ish mess of a game.
But then again I could just be being too hopeful.