Hello.
I am sick and tired of the "time travel" speculations - it is my turn for my theories on Halo: Reach - I've read all the novels, and every published book so far. I've also memorized most of the books.
Whoever has read the books knows that James got shot on his thruster pack while trying to do repairs on a space dock with the rest of the Spartans in "The fall of Reach". He was propelled into space and lost. Here's a picture of him that I found:
Picture:
Note that they mentioned Sierra 320 and Sierra 259 - the Spartans only go up to 150, but it was mentioned in the books a few times that another wave of Spartan II's were trained.
Knowing Bungie I know now that we will NOT be following Fred, Linda, Kelly or the others due to the sole reason that they always come up with something new. They are obviously writing an entierly new script for quality assurance and spoiler reasons.
My guess is that the events will take place before and simultaneously with Halo 1, as the possible class II, Mark V (as worn in Halo 1) spartan II's.
The game is a first-person shooter. Bungie recently hired the creative director from GRAW (Ghost Recon Advanced Warfighter) - I'm not taking any assumptions, but could this mean a tactical shooter? A squad based shooter?
Also, for gods sake, the planet chief was drifting towards at the end of Halo 3 IS NOT REACH - it is a forerunner planet by the architecture. It is close to the ark and Halo rings. It is not a military planet. The station on the Halo: Reach trailer is an orbital super-mac cannon, not the back half of Forward unto dawn.
So, there you go.
Halo Reach trailer here:
https://www.youtube.com/watch?v=Zj1bXFcuM38Old theory located here:
http://www.bungie.net/Forums/posts.aspx?postID=33523044&p ostRepeater1-p=1
EDIT: More pictures: