Hello. I have just found out how the entire ranking system will work. This is what has supposedly been confirmed:
All right. First off, as you may know, they will be mixing the halo 3 and halo reach ranking system. Here's how it will work. Just like in halo 3, there will be an EXP system that you earn after every win, which ranks you up. However, they have brought in a system similar to halo reach credits: Spartan points. (placeholder name). How these fit in, is that upon every rank up, you will be awarded a set amount of Spartan points. These points, will be redeemable for armor, equipment, and other things for your custom loadout.
It is now confirmed, thanks to Deadlysniper19, who found the video containing content from the recent MLG group that got to play. This video confirmed that there will not in fact be a 1-50 ranking system, as some will find disappointing, but a halo reach system, simply modified with EXP as opposed to credits. Not only that, but the same video confirmed that they will in fact be using a slightly modified version of the halo reach engine. There for, almost similar styled matchmaking, other than the loose tie up to the campaign.
Anyway, this is what is confirmed at the moment. I hope I cleared up some questions, and I hope you all agree with their system!
-Bullet