Yep, I'm still wondering what happened to that $500 million and, what, 4-5 years of development
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There's a lot of speculation that major portions of the game were cut up for future DLC's, thus making the Vanilla game underwhelming, as well as entire portions of the game being cut due to management directions. Whether this was by Bungie or Activision has not been made 100% clear (at least to me) So, it's very possible that what we were promised was there... but then people made bad or greedy calls and thus we get the game as it stands.