Nope, see the bit below about a "master rank." No more having your high rank displayed for you to be proud of. You know, one of the major things that drove competition in Halo 2 and made people aspire to get a symbol. Can't have that, don't want to make the less skilled players feel less special.
In fact, it even looks like per-playlist ranks for other players might be hidden and not shown even when in that playlist. Note the "your rank" display in the corner but not on the player name. I'm guessing this means other players' ranks are hidden. Likely again to coddle lesser skilled players, as they did with the hidden ranks in Reach.
Goddammit.
See above. Count me in on being massively disappointed. Defeats a large purpose of the ranking system, for me. If the ranks are hidden, no one gives a damn. Having the rank as a trophy, an actual meaningful thing that had to be earned and maintained, is part of what drove hyper-competitive gameplay at the higher levels. People really cared about the outcome of a match because they didn't want their rank going down, and it made matches more intense than they have been in any Halo game since.