Woah, what a way to introduce myself. I've been on this site for a while, lurking in the shadows. Always felt this community was more open to discussions so I really like to visit here often more than IGN or Gamespot. So yeah... Hello
Now on topic: This isn't really uncommon practice and it's not just 343i either. Halo 5 technically started development back in mid 2012 before Halo 4 released. It's all because of the designers, writers and artists. At the end of production it's all about polish and that is up to the programmers. The designers, artists and writers don't have anything to do at that point and since we already know that they plan to keep Halo around for a while, they might as well start spawning ideas for the next game. From other sources I heard this story from they just started working on how the story will go. And since it's part of the next game, it's technically in the development phase. Unless they plan to just leave the gameplay as it is in Halo 5, they probably don't even have a design- or possibly even a concept document
I'm not an industry expert, right now I'm studying to become a game developer so I just learn this stuff from other developers. It's really not that uncommon for big studios to start development of new games before their current projects are released.