I agree with everyone here saying it's good that 343i quashed the rumor that there was some VGA ace up their sleeve.
However, they'd be a lot better off if there *were* a gigantic and ground shattering reveal that they've been keeping a lid on- Something to shut up all of us doubters and reaffirm that they're confident and clear headed about the project.
As is, 343i has looked like they're scrambling around since July trying to put out PR fires with a squirt gun. It's been months since the delay, which seemingly was a very last-minute decision that *tremendously* blindsided 343i. Why/how it should've been such a disarming surprise for the development and marketing plans is ever-more beffudling, but it must've been thanks to the clear lack of any contingency or damage control plan in place for artfully dealing with the delay and minimizing the "WTF is going on," window.
Confidence in 343i and Infinite is very shaken, even from the precedent of them having yet to develop an original Halo game in Hao 4-5 that isn't the source of gigantic polarization and contraversy to series fans and gamers everywhere.
Promising that we're going to "restart" (paraphrasing) the marketing and hype journey in the new year is a positive development, but it's very, very late to acquiesce the huge optics problems they've let grow uncontrollably for months, now.
I've got little expectation that the "high level update," will contain any truly substantive information to quell concerns about 343i at this point. They've had three and a half months to address the negative buzz and have instead allowed it to steadily grow- I don't see any cause to believe they've got a magic blog post that's going to change everything to sunshine and buttercups overnight.
Let me be clear, I desperately want to be proven wrong about this. I hope they've got a comprehensive and reasonable update in store for us before the end of the year, and I want Infinite to come out and make me eat so much crow that I'll never be able to stop myself from giving 343 the benefit of the doubt again. I just increasingly expect neither of these things will materialize.