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There were 7 Halo rings covering whole Galaxy - each of them had effective range of aprox. 25000ly
Halo rings were based on Precursor technology.
http://halo.wikia.com/wiki/Halo_Array
About origin and tests of this weapon you can read in Halo: Cryptum.
If I remember correctly, Humans, San'Shyuum (Prophets) and Forerunners were the most advanced races in Galaxy during time after Forerunner - Precursor war and before Human - Forerunner war (those times were before firing of Halos array).
Also Flood was learning from their victims and took over their technology. It was scary opponent.
If I were one of Forerunners and could foresee future, then I would regret that I striped Humans of their technology, because Humans once defeated (allied with San'Shyuum) the Flood. I would regret some of actions of my people - especially use of Halos, containing Flood in ring worlds...
I would think that I'm not as great being as I thought I was.
I could build worlds, help develop civilizations, but I couldn't protect my own Galaxy from external threats. All technology, all knowledge would be pointless in that matter.
EDIT:
The only thing different is they had a gravemind which then had medicant bias, two factors that caused the flood to "win".
Forerunners at beginning ignored threat from the Flood. They were convinced they can research this life form and develop strategies to stop it from devouring worlds. When they realized how dangerous Flood can be, it was too late for them. They were forced to destroy worlds infested with Flood. Meanwhile Flood was gathering knowledge about weapons Forerunners used and was able to use it against them. Forerunners were forced to fight with Flood, who was at the same level of power as they were. But Flood outnumbered them greatly. That was the cause of their failure - their own self-trust and wrong choices.
[Edited on 07.04.2011 12:50 PM PDT]