With the boot lightened, the easter egg becomes quite apparent.
The Initials on Master Chief's Boots are three letters ("MRL") hidden on the bottom tread of John-117's boot on Halo: Combat Evolved. They are, indeed, initials - those of Marcus R. Lehto, Halo's Art Director (and the man behind John-117's skin and armor design). An easy way to see the initials is if you're on a reflective surface (e.g.: on Two Betrayals, while on the Control Room's bridge) just look down on the floor and on Master Chief's boot are the initials.
