It's unconfirmed for now (see the "rumour" category) but Pro-G is reporting they have unofficial news that any GamerTags with Halo 3 play associated with them before Sept. 25 could end up with their Live account banned.
Heads up, for those tempted by stores breaking street date... even playing offline may result in getting booted once you hook back up.
-- Steve'll keep an eye out for something more reliable than rumour... and isn't certain whether he hopes it's true or it's false.
edited 12:46 EDT: Looks like Pro-G has just amended their report; MS is now saying that the ban will only apply to MS employees violating street date.
EDITOR'S NOTE: Pro-G, as well as other sites that carried this story, have since backpedaled twice, saying first the bans applied only to Microsoft employees, and then that there will be no bans at all.