No details about Theater Mode for Halo: The Master Chief Collection have surfaced since Frank O’Connor stated will only exist for Halo 3 and Halo 4 back in June.
Until now, in a recent Halo Bulletin 343 Industries listed the controls for Halo: The Master Chief Collection and in the list of controls for Theater mode Halo 2 Anniversary Multiplayer is listed next to Halo 3 and Halo 4
“Theater Controls (Halo 2: Anniversary Multiplayer, Halo 3, Halo 4)
• Turn sensitivity: 4 levels
• Panning: Hold to pan, toggle
• Camera Speed: 4 levels
• Camera Thrust: 3 levels”
Note that Theater mode will only be for Halo 2 Anniversary’s Multiplayer and not Campaign. This is most likely due to the campaign having to run 2 engines simultaneously.