A combination of exploration and in-game challenges / achievements would be fine, but I really don't see the need for a cR grind. As I said in the wishlist thread, credit rewards grind time, not skill. Halo doesn't need that hamster wheel crap to keep players invested like an MMO. It just feels like a lame artificial barrier.
Sadly, for Reach it's the only thing that kept me going after the first 6 months... I really want the muttonchops on my Security.
Plus, you're going to need a constant reward system. It does hook players. Call of Duty's is really obvious, in that once you reach the top you start all over again. Since CoD's affects gameplay, you need the reset system to keep people at the top from dominating the whole time. Halo's long term investment system shouldn't affect gameplay like Call of Duty's(unlocking new weapons and attachments). Long term investment should be directed towards aesthetics. There should also be a short-term system. Ideally a short-term system should be directed towards a skill progression like Halo 3. I'm using short-term not to signify seasons, but rank drops. You should have to play ranked every once in a while to prove that you still are a certain rank. I have a few more ideas, but I'll reserve them for later.