It's decent. You can buy the game and play through campaign once and sometimes twice and like it. You might have a sour attitude and say it has a bad story or you can pay attention to the game instead of skipping everything with the A Button and relise it has some good story.
However after beating it once or twice it start's to become a game that you only get much fun out of with Multiplayer. But if you have Xbox Live Halo is a must have.
It's a good game story wise also and you can always challenge yourself on higher difficulties. But even if you don't have live it's still good for multiplayer where friends come over.
But my suggestion if you decide the story isn't worth it, just get Halo ODST, it has more of a challenge, it's fire fight you can play as a team or alone and it's still fun after many playthroughs and it comes with a disc that let's you play halo 3, but the disc only let's you play halo 3 in multiplayer, not campaign but the good side of it is that it comes with ALL the maps, including those you can normally only get online.