Alright so I FINALLY figured it out. Bungie didn't make it very clear as to how many days of Arena ratings you would have to get to be placed in a division or how to find said division.
Simply put, this is what you do:
1. Play enough Arena games to get ratings for ATLEAST 3 days. Doesn't have to be consecutive days. Just 3 days in the season (I believe it will be 5 days for the final version of the game, but for the Beta its only 3 days). Basically what this means is you have to play atleast 3 games in a day for 3 days in a season.
2. Go to Bungie.net, click the Halo:Reach link at the top right of the page AFTER you sign in to your BNET account.
3. On your Reach stats page click Arena. Then click either Aggregates (appears on the left sidebar right above Commendations. These are your Arena specific aggregates) OR click 'More Career Stats' which should appear just above to the right of the 'Most used weapon' picture that is displayed on the page.
4. Now look at your name, it should show your GT , your emblem, your callsign, your Halo Reach rank (Warrant Officer, Corporal etc.).
5. Right after the bar that shows you how many more cR's you need to rank up you will see a military insignia and if you've followed this process correctly, there should be a small vertical bar after which they will display a COLORED STAR with a number on it.
EDIT: A Black Star with a 5 = Onyx, Star with 4= Gold and so on till Star with 1= Steel. The order of divisions from lowest to highest is Steel, Bronze, Silver, Gold and Onyx.
Bungie also states that at the end of a season if you have played enough games you will be ranked WITHIN your division. A percentile or maybe even a ranked number, so don't be too happy just yet if you've gotten that Black Star.
EDIT: Or as I've found out, somewhere on your 4th day of play after getting a rating you will see the star come up next to your name.