I found out yesterday that you can only carry a maximum of 200 reputation marks which means I've wasted almost half of this week's mark allocation, which was really frustrating to find out. Had to buy some legendary gear from the Vanguard vendor which I don't really need, kind of annoying.
That actually sucks, and I wasn't aware of it. I'm glad you posted that, otherwise I would've wasted some as well. I've never gone over 200, but I am about to with Vanguard and Crucible marks, so yeah I would've been seriously pissed off, considering how few you get and how limited they are per week.
The rest of this week will probably be trying to complete the exotic bounties I've picked up, both of which now require me to seriously up my PvP game - one is obtaining a K/D spread of 25 (currently up to 16 but obviously bad games damage my progress) while the other is obtain "500 points" by killing Guardians with Void damage - it's only 5 points per kill and you lose 2 points per death and the Void damage modifier means kills with my primary weapon don't count ;_;
I had the 500 Points of void damage one, and abandoned it, as I am not good enough at PVP to get it. Frankly, the highest I ever got it to was 35. Bear in mind, though, that one of my clanmates is a level 28 Warlock and he's already up to almost 200 on it, after just a few sessions. My character is a hunter and even with Void weapons, I couldn't pull it off. But then, my kill/death ratio is pitiful.
Something I've noted after a few weeks of playing this:
I seem to be in the .1% of people that get a LOT of drops. I honestly don't know why that is. I have one friend that is just barely rank 2 with the Cryptarch, because he almost never finds engrams, whereas I am level 33 because I seemingly find a shit-ton of them. I have found not only rare ship drops, but multiples of said ships, and during one of the Queen's Wrath missions we all got our guaranteed legendary piece, and I got a bonus legendary sniper rifle... twice.
Something is off with their random number generator, if you ask me. While it's all cool and well for me to get good shit, it's really not for all of the people getting screwed when it comes to drops. Yesterday's patch is supposedly going to address that, and I hope it does.
My current setup.

Edited to add: I recently figured out that if you are wearing the queen's emblem and shader that are available when you reach rank 1, you get bonus rank points when you turn in her bounties. I imagine it's the same for any of the factions, and I'll try to confirm that.