When I tried to watch from someone elses point of view I went to third person and the reticule looked like it was completely in the wrong place.
Also, I was watching a film where I shot the Grenade Launcher, the grenade exploded and you could see all the sparks and black stuff and whatnot and then pressed the "skip back" button and all of that was still there even though it hadn't happened yet.
I'm also hoping it will be more like Halo 3. Every time I took ODST out and put it back in I could no longer view the "Recent Games". However, when I play Halo 3, take the disc out and put it back in I can still view them.