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Velez from HBO got ah old of the upcoming issue of EGM with a whole bunch of Halo 3 info. He does a good summary of the article, pointing out the major changes to the game. Some are major changes to weapons, while others are additions that will make you savor every moment you play Halo 3 on Xbox Live.
The most notable changes to weapons are the reduction of the maximum amount of grenades to 2, and the demotion of the needler to a non-dual weldable weapon. The needlers power should be increased to balance for lack of dual-wielding. The grenades are reduced to only 2 of each, but a new type of grenade is being introduced. The spike grenade attaches to anything and send spikes in all directions. There is a bind spot to protect the user from damage though.
The additions to the multilplayer mode makes the games more varied, and let you brag about the 25 kills in a row you got in a game. Options like making players more visible(by lighting them on fire) and changing running speed for everyone will be available. Custom games can be advertised on a list of games, similar to the servers list in Halo PC. The movie recorder allows you save an entire match and send it to your friends.
The article includes some small bits of information regarding the single player portion of the game. You can read the whole story here