As of the last patch, you can no longer hear game chat when you are in an xbox live party.
This had ruined a lot of the hillarious game chat moments.
It's a lot harder to hold people up as most people run in a party while playing as it can get boring alone. It's also a lot harder to host Roleplay events such as DJ sets and radio shows as they are ruined by game chat bug. Captures and streaming is also a problem. VoIP is NOT functioning as well as it could.
Why don't we yet have the option of push to talk while in a party? I can see the immersion aspect you are going for if this but it has personally ruined the gameplay for me.