You definately need to play Halo, just to try it. Single player is good and fun and all but some design stuff was repeated to meet Xbox Launch deadlines, so a lot was cut out too just like Munch.
But if you know a bunch of people who like it and like playing multiplayer you'll have a lot of fun after you finish the game on all the difficulties. 16 player team ctf or death match is so much fun. I was still playing the multiplayer a lot up until the past couple of months. I'll probably start playing it a bit more though before Halo 2 comes out so Im used to everything and I'll be good again.