Not necessarily, Icepick.
It did bust through the market because of some good game designs, like the multi-player and the decent A.I that was a challenge in the beginning. Those were great grabs for FPS who were looking for the next Goldeneye.
And to be fair, Halo 1 HAD a story, Halo 2 had a story, and I bet Halo 3 has one as well. The main problems though are the stories are not that good in the game. True, they have some good elements. The Arbiter arc I actually liked, and I savor his return in number 3, but in a game where you take hated enemies who are nothing but mere fodder to the masses and attempt to, poorly might I add, give them characterization, it just isen't worth it.
Halo's weak spot has always been it's storyline and the single player experience, which is ironic because in most games that ARE among the best ever made, such as Zelda, Mario, and Metal Gear Solid, they combine great stories and single player games with great controls and sometimes graphical prowess. So that is why Halo is overrated to me, the single player game, along with the overall storyline is it's weakest point, where it should be as strong as the multi-player game.