Fluorine is something of an anomaly in this circumstance. Above, it is described as a weak electron withdrawing group but this is only partly true. It is correct that fluorine has a -I effect, which results in electrons being withdrawn inductively. However, another effect that plays a role is the +M effect which adds electron density back into the benzene ring (thus having the opposite effect of the -I effect but by a different mechanism). This is called the mesomeric effect (hence +M) and the result for fluorine is that the +M effect approximately cancels out the -I effect. The effect of this for fluorobenzene at the para position is reactivity that is comparable to (or even higher than) that of benzene.  Because inductive effects depends strongly on proximity, the meta and ortho positions of fluorobenzene are considerably less reactive than benzene.  Thus, electrophilic aromatic substitution on fluorobenzene is strongly para selective.
This -I and +M effect is true for all halides - there is some electron withdrawing and donating character of each. To understand why the reactivity changes occur, we need to consider the orbital overlaps occurring in each. The valence orbitals of fluorine are the 2p orbitals which is the same for carbon - hence they will be very close in energy and orbital overlap will be favourable. Chlorine has 3p valence orbitals, hence the orbital energies will be further apart and the geometry less favourable, leading to less donation the stabilize the carbocationic intermediate, hence chlorobenzene is less reactive than fluorobenzene.  However, bromobenzene and iodobenzene are about the same or a little more reactive than chlorobenzene, because although the resonance donation is even worse, the inductive effect is also weakened due to their lower electronegativities. Thus the overall order of reactivity is U-shaped, with a minimum at chlorobenzene/bromobenzene (relative nitration rates compared to benzene = 1 in parentheses): PhF (0.18) > PhCl (0.064) ~ PhBr (0.060) < PhI (0.12). But still, all halobenzenes reacts slower than benzene itself.
Notice that iodobenzene is still less reactive than fluorobenzene because polarizability plays a role as well. This can also explain why phosphorus in phosphanes cant donate electron density to carbon through induction (i.e. +I effect) although it is less electronegative than carbon (2.19 vs 2.55, see electronegativity list) and why hydroiodic acid (pKa = -10) being much more acidic than hydrofluoric acid (pKa = 3). (Thats 10 times more acidic than hydrofluoric acid)