The Halo series was my introduction into a genre I never knew I liked. There's dozens of games that I would have never tried or enjoyed if it weren't for the simplicity and crazy fun Halo had to offer. Not only that, Halo was the first game that I had ever seen use more than four players, as I had grown up on the SNES and the N64. If there were ever a game series that I could honestly say impacted my gaming life the most, it's hands-down Halo.
That said, anything can get a bit boring if you do it over and over again a-gazillion times. Campaign sure gets bland if you don't challenge yourself. If you haven't already, try the Legendary difficulty. Even after that, the campaign will still seem stale. The true merit of Halo is the multiplayer experience. Split Screen, System link, Live... no matter what you have access to, you owe it to yourself to try it. I personally prefer the 16-player LAN matches I've played. It's a bit crazy cramming sixteen chairs, controllers, and people into one living room, but it is one hell of a time.
Xbox live is fun to play, but it has it's drawbacks. The internet's "better than you" attitude comes out very strongly in Halo matches. People are poor sports sometimes, and it's hard to go a single session without getting cussed out. Halo over live, over long periods of time, will get you incredibly frustrated too. Be prepared to chew out your friends for losing matches out of their actions alone, as this will happen a lot. It's worth the convenience to play live in the end. I sure wish I had the connection to play it, I tell you that. In fact, I might not even play World of Warcraft if I could handle Xbox live.
Bottom Line: Halo is good, but so are other games. As was with Halo, you will never know what you will like until you try it.