Let's look at Griffball a second, and it shows why Halo 3 is still king of the FPS on consoles:
1. Griffball originated from the series Red vs Blue. As a throwaway line by one of the characters, it became a full-blown mod, with a following. The following was so extensive that it the latest expansion pack for Halo will contain its own Griffball court. The fact that Halo has its own series on the Web is a tribute to the broadness of the cultural impact Halo has had. Due to an unintended design "feature" of Halo, it enabled animation to be shot, making human faction characters look like they are speaking. And this led to Red vs Blue.
2. Griffball is about as different from Halo 3 normal play as you can get. It is a football/soccer game with teams and strategies and so on. It is yet another unintended byproduct of what Bungie came up with.
So, when a game is able to produce something like Griffball, as a FPS, then maybe we can talk about that game supplanting Halo as king, or being a Halo killer. This new FPS would have to be able to have its own culture, lend to mods, and go to the broadness that Halo 3 did. And it would need to do it on a console. And the stakes just got upped with the new map mod pack coming out.