This will be the first instance of Iron Banner after the launch of the House of Wolves expansion. Destiny's version 22.214.171.124 patch, which coincided with the expansion's release, introduced a suite of changes to the way Iron Banner works.
Most notably, Guardians will be able to purchase Etheric Light — the item that is required to ascend pre-House of Wolves legendary gear — at ranks 3 and 5 of Iron Banner reputation. Etheric Light is a rare drop, so the ability to buy it is welcome news.
Bungie's other Iron Banner tweaks include a reduction in the cost of rewards, and a reputation boost for players' lower-ranked alternate Guardians. In addition, power matters more as the difference between players increases. And since House of Wolves' new PvP mode, Trials of Osiris, offers high-level gear, Iron Banner master Lord Saladin will be hawking new wares like boots, gauntlets, fusion rifles and scout rifles.
The next patch, version 126.96.36.199, is already in the works. Bungie didn't offer a time frame or details of the update, but said the studio's live team is discussing issues such as disconnections; missing emblems and other items; and the scarcity of Treasure Keys. The studio did confirm recent reports that Transformers developer High Moon Studios is working on Destiny alongside Bungie.