In the grander history of the genre? Probably overrated, but no more so than a shit load of games that just get more credit than they deserve/earned. On its own it's a genuinely good game with tight design. While it lacks the sheer depth n skill ceiling of an arena FPS, it is still using those principles, and it translates into a solid design of micro decisions between gun, melee, grenades, and the way the maps geometry plays into battles. It's certainly a more satisfying competitive title than CoD or even the legitimately fun sandbox of Battlefield offers.
BR/Pistol battles are genuinely fun, and in the case of 5 the new movement additions add a lot to how you get around the map and how you behave in those battles. The aim assist is certainly absurd, and the speed of the game for a mouse is going to be nothing special (if anything slow), but when the Halo multiplayer package is sound, it's a genuinely good game, but not as great as the genre's bests: Quake 3, Tribes, Unreal, etc.
And while cups of the world would prefer a FPS that is 10 times more monotonous or a colossal bore that needs to spend the opening 15-30 of a mission tutorializing the player into a coma, I prefer things like depth and the game to actually play well. It just so happens to be FPS multiplayer is the best thing about this genre.
................now
As a single player title Halo is one of the harbingers of death, and a lot of it is because they never knew how to address some of Halo's short comings since 1. The bad level design in Halo 1 has been a franchise staple, it basically just always has some truly mind numbing borefests for missions. But the other big one is, in Halo 1 you can reliably dodge every projectile in the game, because the enemies use projectile based weapons, that are quick enough to be a threat, but not so fast that you just have to eat damage. It also made the health system great with the regen shield, but actual health packs so you had to account for long term consequences, but were given the tool for short term aggression.
This is made worse from halo 2 forward (ironically the best Halo game no less), where the projectiles became super fast, so regen health had to be the way to go. Hitscan weapons and super fast projectiles certainly have their place in a FPS, but the trade off there is now the player will take damage, because that's how the design is. And to do that you need to make their health regenerate, because otherwise the punishment is too harsh, and enters cheap territory.
THe other big problem for Halo is the enemies, or lack there of. Halo 1's roster was fine, for a launch title, but that enemy roster runs out of tricks by the 4th or so mission, and Halo isn't exactly about clever level exploration like the Doom clones of the 90s, so enemy placement isn't really that interesting in this series. There really should have been more meaningful additions to this roster. Technically 343 added those with the Prometheans, but a lot of them are just a more annoying version of a Covenant enemy.
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