I'd put Reach above it in terms of spectacle, and more importantly, all the options you have available. You can really get creative with Reach's options, and even come up with your own crazy remixes if you really get into the details (like say, 30% health, swords only with perma-stealth -- go crazy with it).
One thing I'd give ODST the nod on is pure white knuckle difficulty though. Its harder to stay ammo'd up, you're more fragile as an ODST, and some of the skulls really bring the pain, and the tension that comes with that challenge. But, presuming you were up to that challenge, the waves could settle into a really rote pattern. When that happened our group would end up quitting out eventually out of sheer boredom, rather than a win condition or a loss. So there are pros and cons.