The problem isnt really so much that content was cut(although it is a problem). Its more that the core game that shipped had so little content its crazy to ask full price, and then some for the dlc.
Do i think dlc should be free and all that? no ofcourse not. But do i expect a full priced game to have more than beta levels of content? Ofcourse i do.
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I'm not gong to quibble about the price. However, you're right about the content. At first I didn't realise what was going on as it was a new game etc. However, I start to wonder why the story didn't really make much sense. It's not as if the game has a bedrock of backstory to carry it along like the later Halo games had (although they did have plenty of put to carry them anyway). It really needed a strong plot to enthral people, but was clearly badly lacking.