Here's the way I see it.
We can still make our movies and whatnot, we can make machinima out of Halo 3 multiplayer (I mean, that's what they added the saved games for, right?) and we can still make our armor. As long as we don't sell any of those, they videos sit in a computer and we show them to people to be "cool", and we don't do anything mainstream with our armor (grocery shopping in-costume doesn't count) then we should be good.