Just watched the end of the panel again, Kevin Franklin answered the question. He said they "completely redesigned the progression system from reach..." He stated that you unlock the armor and weapons automatically through your progression through the system, and that progression is influenced not only through time but through your performance against others. Listening to it again, that reinforces what I said and I'm almost positive I'm right. The only difference from Reach is that you no longer have to purchase the armor, it's unlocked automatically like in Halo 3.
Again, don't confuse this progression system with a skill based progression system that they have yet to announce (like 1-50, etc.) This progression is just like reach: earn exp for completing games, get more for performing well in those games. In that panel, they stated that in order to use the specializations from the LE, you have to reach the max level first. It is not a skill based progression system, they wouldn't keep content form LE customers like that. You're going to be fine, you can unlock your armor just like in reach's system, only you don't have to pay for it this time.
To further prove my point, they said you can go through the progression system solely in Spartan Ops, player skill be damned.
Some of you guys really dive too far into the meaning of words. Wild extrapolation of information is dangerous.