Good? I guess. Worth the wait? No.
I'm a little underwhelmed after such a wait. Not the quality or writing or animation, but the story. Near the end a large amount of story elements were introduced and I felt a little confused. One loose end at the end of Episode 2 turned into a much, much larger one. I heard that ending part and then the "To Be Continued" screen popped up and it was the ending of Halo 2 again. Also, the characters were all stuck in a 2/3 turn and had very little transition in turning.
On the positive side, the animation was consistent, the writing was okay, and the music and emotions were paired together well. But some characters were flat.
Wrapping up, not bad, but in Episode 4, please don't pull some ridiculous cliffhanger. "I think an explanation is well overdue."