Most of this is common sense but here is the reasons on why there are so many different stories...

Q.Will there be bans? IF so how long
A.Yes, most likely 48 hour bans

Q.Why only 48 hours?
A.DLC sales loss...if they ban the some 100,000 people that have done it, there is 100,000 people now that are not buying dlc, who arnt buying elite if they dont have it already, and will probably not buy another mw game.

Q.Will I get reset?
A.Very possible, although no garentees.

Q.Why are they telling people there will be bans.
A.They want to scare peopling into not doing the glitch anymore or from doing it in the first place so that way they can patch is before more people do it.

Q.When will it be patched.
A.Since this is a glitch in the menus they must wait to do a title update with according to Robert Bowling, they are on holiday until after the New Year, all the employees except maybe a few are on vacation thus the only TU that is going to be released is the one already sent to Microsoft for the ok is the one that fixes FMG and other bugs. Until they make a new patch and send it to Microsoft for the ok they can not patch this glitch.

If any more info becomes available I will put it here.

Also thank the topic if any of this is useful

update: Also due to the fact that none of this is game changing, meaning unlimited care packages ect, also the fact that nobody even has a clue that you did it unless they actually recover your account and see it, makes it only an even smaller chance