As anyone who has played a Capture the Flag or Bomb game on Halo 2 knows, carrying either one slows you down considerably.

Drop It

The fastest way to get from point A to point B with the Flag is to jump and drop it, or throw it, in the the direction you are going and then pick it up again. This way you can move at your normal speed across the map as you continually pick up and throw the flag. This works with the bomb as well, but remember, dropping the bomb gives your location away!

Bonus Tip!

Also practice tossing the flag to your teamates, including out windows!