So, as of about 2 in the morning, I managed to get all three of my characters to rank 5 with the Iron Banner. I was able to get both pieces of armor for 2 of them and 1 piece for the third, and the scout rifle. I liked the fusion rifle as well, but was out of time and/or glimmer. In all honesty, the hardest to get there was the warlock, but I never took her into the iron banner the first time they were around, so her rank started at 0 this time.
I now have 5 Timur's Lashes and 4 Jolder's Hammers from match rewards. A friend of mine got the legendary ship, so that was pretty cool. I had fun with the Iron Banner, WHEN I could find a match that seemed legit. There was a whole lot of lag switching going on, as was evident by the new connection indicator on the roster menu. When an entire team went to red connections and they all just happened to be teleporting around the map as well, it became pretty obvious.
I did get one match where I suspect everyone on the enemy team reported me for cheating, but was absolutely nothing but stupid luck on my part. I got 44 kills and more than doubled the rest of my team's score. There were literally several times where I fully expected to die in the middle of a huge clusterfuck, and then walked away with a tiny sliver of health. So yeah, I honestly would have reported me too, because it was just ludicrous.
I still think Bungie needs to work on the things that actually need fixing, like the RNG and the drop rate (which is still incredibly unfair) rather than shit that doesn't need fixing. I hate the response from game companies that ends up being, "You're playing our game wrong because that wasn't what we intended..." It's like I'm being told I'm wrong for playing the game, and I've never understood that mentality.