Pretty simple, but does the game scale the difficulty up/down at all depending on how many people are playing the campaign?
From personal experience, the difficulty scales in a small way based on the number of players, but it's nothing compared to the benefit from having additional players.
Co-Optimus' FAQ for this game backs me up:
It's hard to quantify exactly how the difficulty scales, but the developers of Halo: Reach implemented this system:
Halo 4 re-uses parts of the Reach engine so it's likely that this information still applies.
I didn't notice an extreme difference in damage resistance going from solo to co-op. It's also relatively hard to gauge the "intelligence" of the AI. They seemed to use cover, flanking, and dodge/teleport just fine in single player, especially on Legendary.
On the other hand, the benefits of co-op are many, and easy to determine. Having multiple weapons, and giving the enemies multiple targets, for instance.
Another prime example of how much easier it is - as long as you don't turn the "Iron" skull on, and as long as one player remains alive, others will respawn on them (or nearby) if they die. In single player, (or in co-op with Iron on) you'd have to go back to the last checkpoint and start again. This can make even difficult engagements fairly easy, as long as you play conservatively. (I believe this is also why there's a separate achievement for solo'ing the campaign on Legendary)