We present a theory describing the low-energy properties of an interac
ting two-dimensional electron gas in a magnetic field at large non-int
eger filling factors nu much greater than 1. For a moderate interactio
n strength, r(s)<1, we find two energy scales controlling the electron
dynamics at energies less than HBAR omega(c). The first energy scale,
(HBAR omega(c)/nu)ln(nu r(s)), appears in the one electron spectral d
ensity as the width of a pseudogap. The second and larger scale, r(s)H
BAR omega(c), characterizes the exchange-enhanced spin splitting and t
he thermodynamic density of states.