racketboy.com

How many games can you record and save in theater on Halo3 multiplayer if you have a 120GB hard drive and how much space does each game take?
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I have never played the game online but I will take a punt that it is different for each round depending on the duration of the recording.

Wouldnt it be easier for you to play 1 round for awhile, see how big it is and do the math?

It should just record the actions everybody does in the game, which will mean that the replays will be very small in size. So theoretically you could saves thousands of replays and not run out of space. I don't know exactly though.

Niode is correct it's not an actual video recording, it just saves data on what happened in the match. When you play something in the theater, the data is fed to the game engine which recreates everything in realtime.

So, the saves are pretty small, just start recording stuff.