This was shown-off at Toy Fair, but was just a packaging mock-up. This is the first look at the figures we've gotten:

SPAWN.COM >> TOYS >> GAMES AND ANIMATION >> HALO 3 CAMPAIGN CO-OP

Chief definitely looks like he's the up-sized/Reach-scaled version, but the Arbiter and two Elites look like they could still be H3-scaled. It's odd, but I do like the gold color to the Arbiter's armor. Reading the description, they all come with multiple weapons, so that's definitely a nice touch. This set might actually be worth getting myself. The Arbiter is different enough that it might be worth having two of him.

Hopefully this means that pictures of the Universe series 1 figures will be up soon...