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I guess everyone here doesn't understand the legality of this matter. So ill explain:
Microsoft Owns ALL rights to the name, reference of, and any relation pertaining to Halo. Anyone who produces, or fabricates and distributes unauthorized content, is subject to Legal action.
Bungie owns Master chief.
LOL
So unless Bungie makes a Story about master chief that DOES NOT mention Halo, The covenant, the flood, Or even the suit master chief wears which belongs to Halo, The answer is NO, Halo Cannot be released on Any system other Than Xbox 360 without Microsoft's consent.
And likewise, Microsoft CANNOT release a new Halo game containing master chief as a character plot without Bungie's consent.
So. in essance, in order for Halo 4 to be about Master Chief, Microsoft will Have to Request Bungie to use Master Chief, and likely, Bungie will add terms, such as License rights to master chief.
Answer your question?