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Here's a snippet from one of the recent Halo Bulletins and a thread on Halo Waypoint.

 

“The Halo: Reach Title Update will add more options and flexibility to Halo: Reach’s Multiplayer. It will roll out in late September and gives 343 designers the following levers to create game variants in Matchmaking playlists. Of course while all of these features can be enabled via Matchmaking playlists, players should remember that ‘normal’ Reach gameplay can and will continue untouched in its own Matchmaking playlists. The features and elements listed here are tools available to us and will be used and implemented appropriately.

News on the timing of the Title Update release will be revealed at the Halo: Anniversary panel at 10 am on the 26th of August during Halo Fest.

Specifics:

Make damage bleed to health through shields possible.

Make reticle bloom configurable.

Modify Armor Lock.
• Sticky grenade will not be nullified if you use Armor Lock after being stuck.
• Damage received while in Armor Lock is transferred to remaining Armor Ability energy.
• How much the damage depletes your Armor Lock energy is configurable.

Modify Active Camo.
• Reduce the bonus time the player gets in Active Camo while standing still.
• Reduce the overall length of time the player can be in Active Camo.

Remove Sword block.
• Disable the ability to block Sword attacks using melee with anything other than another Sword.

Implement the classic Magnum from Halo: CE.

Enable playing Co-Op Campaign and Firefight without requiring a HDD.”

http://halo.xbox.com/forums/games/f/7/t/22731.aspx

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Seriously this is such awesome news! They are going to make Halo MP great again!

If you want to read about the title update in glorious detail go to the following link.

http://halo.xbox.com/en-us/news/headline/the-halo-bulletin-83111-/211200