They're not only compatible, but they run in 720p. Bungie's official site today revealed what any Xbox gamer would have guessed: Halo and Halo 2 will run correctly on the Xbox 360. The better news, however, is that not only does Halo 2's Xbox Live functionality transfer intact, but both games on the X360 can render at widescreen, at 720p, with full-screen anti-aliasing.
News source: TVG