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Maybe I'm underestimating it, but I don't think it will come close to Halo 3 numbers. I don't see how Microsoft can build the kind of hype Halo 3 had at launch, and I expect ODST to lose most of its legs after the launch of Reach.

First week: 1.5m
Lifetime: 5m

Edit: One other thing - people tend to overstate the importance of the install base for game launches. Although the install bases are larger for games launched later, those games are also competing for sales against a significant backlog. In addition, the longer a consumer has owned a console, the less games he will buy per year (on average).