One of the rescue guys i hike with has one of these, its a industry approved way of terminating a rope, for attachment to a harness or rigging plate anchor.
knotless, spliceless, no modification to the rope is required. You need a locking biner to attach it to your saddle or anchor point
# Provides a quick reusable termination and eliminates the need for knots and factory terminations
# Complies with OSHA and ANSI standards
for kernmantle, 3 strand or doublbraid....unfortunalty its sized for 5/8" rope

but i wonder if they would consider making thses for 12/16 strand ropes, 1/2" size?


closeup of rigging diagram:

EDIT:
found a termination plate for 7/16 - 1/2" ropes :
http://www.patrollersupply.com/equipment/item_1136.aspinstructions:
http://www.miomechanical.com/prod_img/l/plate_lg2.gif