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I hope local has the ability to have the traditional customizable weapon sets, as I am not too sure I like the idea of weapon loadouts. Seems like loadouts are really just a way to prevent people spamming the same sets when playing online, and there doesn't seem to be any paticular reason why local needs to have them.
For private and local matches, you can agree on weapons and classes to be used beforehand anyway, and Tony said that the whole multiplayer system is based around the loadout/class system, so I don't think that there will be weapons sets like in the first one.