I don't think you will be limited to a single title choice. I think based on your "status" you will be able to customize a little bit.
I would add the thought of including not only forum activity - but new universe activity as well. I really think they're going to tie everything together and link as much as they can where they can. For example - player level or player wealth might change your title options.
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I had not thought of that - So your suggesting the title system will inclulde what you are doing in game in addition to the forums - this does make a lot of sense given the very little we know, Bungie was pushing the mobile stuff so very very possible
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I think whatever they can do to enforce player investment they'll do it. Titles/user avatars are a simple way to demonstrate the time a user has spent in the game as well as the way they play the game. For example, they have an achievement or track a statistic that says you have killed 1,000 fallen. Why not let people show it off in the forums through their title and even give them the same achievement image as an avatar choice.