Okay. Good. Now drop the MMO elements and make the story mode a proper single-player offline FPS experience with a definite beginning, middle, and end (co-op and RPG elements are fine, but none of that farming shit). Without Activision's grubby little paws on Bungie there's no excuse for Bungie to do any of the bullshit that's forced into AAA games these days by the likes of Acti and the other majors.
I have some doubts that Bungie would even have sided with Activision in the first place if the MMO elements were forced on them. So, this is exactly what they wanted the game to be initially.