The Iron Banner returns to Destiny. You’ll need Rise of Iron to access it, especially since the new vendor Lady Efrideet can only be found at the Iron Temple. Iron Banner has been live since 12 PM PST, February 28th and will come to a close on March 7th, 1 AM PST.
Iron Banner this time around is Supremacy and has changed pretty significantly since Year Two. The Tempered Buff is now gone and there four weekly bounties to complete. Rewards include 750 Iron Banner Reputation, an item not sold at the vendor and a chance at an Artifact or Vanity Item. Each victory in Iron Banner awards 250 Reputation and if you lose and gain Medallions, they can be redeemed for 150 Reputation a piece.
As for the weapons this week, Lingering Song (Legendary handcannon) comes with Reinforced Barrel/Hand-Laid Stock, Lightweight/Explosive Rounds and Third Eye/Firefly.
The Laughing Heart (Legendary sniper rifle) comes with Hand-Laid Stock/Oiled Frame, Speed Reload/Single Point Single and Firefly/Army of One. Overall, not all that great for PvP but these rolls may have use in PvE.