Long story short, it's good news! They've been playing an Xbox Series X build of the game that only allows them to highlight performance mode for now (although Quality Mode will be in the final release too), and it's running at a rock-solid 60FPS. The game uses dynamic resolution scaling, averaging at around 50-75% of the output resolution.
Here's a bit more about the 60FPS performance mode on Xbox Series X:
"It's very, very stable. Impressively so, considering this uses hardware ray-tracing and all the advanced features of Unreal Engine. To reach this, the game deploys two levels of dynamic resolution scaling, which average around 50-75% of the output resolution which means you're often at 1080p-ish, but it does look pretty clean. The thing that they did on top of this though, is that there's a translucency pass which varies the resolution of transparent effects based on frame budget [...] it's a good way to save on performance without lowering the overall resolution to maintain 60FPS."
Happy days for Halo: Campaign Evolved on Xbox Series X so far, then, but what about Xbox Series S? Unfortunately, Digital Foundry says that version is "technically playable but we were told it wasn't ready yet", so we'll have to wait a little longer before we get some footage and analysis for that one.
They have played the PC build though, including on a ROG Xbox Ally X. The demanding nature of the game means that the Ally X runs it at around 30-40FPS right now on "Very Low" settings, with DF speculating that something like the Steam Deck will unlikely reach a stable 30FPS.
The big thing to keep in mind here is that it's still early footage though, and things could change between now and the early access release on July 23rd. We'll keep an eye out for more comparisons between Xbox Series X and Xbox Series S nearer the time, but for now, you can check out Digital Foundry's analysis in full down below.