Yeah I hate it. I also don't like how after I die, when the scoreboard comes up it makes any text temporarily disappear... and since the "kill" text doesn't last that long, sometimes I think I don't see it because by the time the scoreboard disappears, the "kill" text has already faded.

Just a theory.

But regardless, it's a very annoying problem.

However, they did do one thing right with the text. There are separate text boxes/areas for "kill" text and regular chat. In the original Halo PC they both shared one box... so if a bunch of people just died it would clear out any chat from the box.
Especially a problem in scenarios like no shields/shotguns, where about three people die every second.