Thanks for the info, Homer! I moved the topic here to the Intel board. Even though this board officially belongs to Reach topics, we are in the "Reach Era", so it's at least the best place for now!
I've been waiting (somewhat trepidatiously) for 343 to delve into the franchise with an actual game. So far its been books, videos, figures, etc. Waypoint is their baby, and my hunch is that Bungie had to begrudgingly support it with the Reach armor unlocks. I don't hear too many people oohing and ahhing over the Military Police and CQB gear!
If they truly cared about Waypoint, Bungie could have given you a way to view the Waypoint career data from within Reach... not just put a link to it in the menu which backs you out of the game. Instead, 343 is trying to leverage Bungie's credibility by going the other way and pulling Reach data into Waypoint.
Waypoint is, after all, the marketing hype machine for 343's Halo Cash Cow. Since the Legends hype died down, how many of you have actually been checking it regularly?
Finally, my prediction is that 343 reserved the right to use the Master Chief as a playable character in only their games... which is why he doesn't take an active role anywhere during Reach gameplay. They threw Bungie a bone with the John-117 Firefight voice, but I'm willing to bet they have a game developer right now that is slaving away on the next Halo game starring the chief.