I personally think Shepard > MC
But tell me what you think, and if you think MC > Shepard then tell me why you're wrong?
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Chief's character is very well explored in Halo 4, but in the other games, he's quite a shallow character. ME1/2 Shepard doesn't exactly develop either, but that's actually a good thing for the purpose of roleplaying. In ME3, Shepard actually becomes his own character due to autodialogue, and this results in some truly abysmal moments. By virtue of ME3 turning Shepard into an utter moron, Master Chief.