The idea that someone can get to a higher rank with a fraction of the games played at a particular level is silly.
Trueskill adding a measure of uncertainty into the equation always did seem like a solution in search of a problem to me. If you were very skilled in H2 and started off with a new account or something, it did not take long to get up to the rank you deserved. Meanwhile, the problems it caused lead to players either deliberately losing at rank 1 to increase the uncertainty to ridiculous levels, or make new accounts.
This is the only flaw and I agree but other than that it worked perfectly. The formula used could be reworked more tightly, so it doesn't take as long to rank with the more losses or games you've had. The Halo 2 and Halo 3 competitive community has been calling for the return of the Halo 3 ranking system on forums for quite sometime.
It was a high level of personal achievement when you got your '50', and truly meant something, other than games like COD, where it's more about quantity of time played. The essence of Halo is its competitive tactical play and the series has gone down hill even in sales when it has strayed from it with all these powerups and abilities. Halo gamers don't want that. They want simple solid tight play that is reliant on skill and teamwork exactly like Halo 2 and Halo 3. Halo needs to stay Halo and not like other FPS's with abilities.