Yes, 343 is ran by the same guys that helped develop Halo 1 and 2, and were involved in creating some of the key aspects of those games many avid halo fans have come to love. The first step in the right direction they've made is removing "reticule bloom" from Reach and plans on making even more drastic improvements to the game that many in the community have flamed Bungie for screwing up on.
I think Bungie got caught up in trying to expand on the Halo universe and maximize profit. They didn't want to continue where Halo 3 left off so they started creating ODST which was a side story to what was happening to the main halo 2-3 storyline, and Reach which was a prequel to Halo 1.
I have no doubt that Halo 4 will pick back up where Halo 3 left off, but have similar gameplay and mechanics to Halo 1 and 2 that everyone loves. I'm really excited and the music sounds great. Too bad Hanz Zimmer won't be doing the music. Now that would be epic. lol
