The SMG is a UNSC issued, gas operated projectile weapon capable of continuous fire. The impulse-to-mass ratio of this weapon necessitates that the user constantly readjust aim during sustained fire. The SMG's main advantage is its high rate of fire.
NOTE: Expect the SMG to be the same kind of wide-spread bullet hose it was in H2. Despite the illogic of the situation, Spartans with super strength will still have this weapon climb on them. Very likely the balancing of Halo 3's weapons in multiplayer will come from changes to other weapons and reducing the use of the SMG, rather than changing the weapon itself.
This weapon's appearance and designation (M7) are identical to the SMG's in Halo 2, which would seem to indicate minimal, if any, changes.