Bungie has confirmed that the update to improve the weekly Nightfall rewards in Destiny will arrive today.
Improvements to Nightfall rewards are coming tomorrow morning. To benefit this week, don't play it until the patch deploys at around 10AM.
— Bungie (@Bungie) October 19, 2015
The update is expected to go live at the usual 10:00am Pacific (1:00pm Eastern), so Bungie recommends waiting to play this week's Nightfall until the patch deploys.
Prior to Year Two, completing the Nightfall would reward you with a reputation buff that increased all reputation, experience, and mark gained by 25 percent until the next weekly reset. Bungie did away with that buff with The Taken King in order to "reform it into something closer to its original intent – a mark of prestige for having achieved something challenging." Unfortunately, removing that buff has made completing the Nightfall kind of a waste because of the lame drops, some of which don't even hit 280 Light.
Last week, Bungie design lead Luke Smith admitted the weekly Nightfall rewards had been "underwhelming." Today's update is supposed to deliver "more frequent and more powerful Legendary rewards to the Nightfall loot tables." Specific numbers will remain a mystery until the patch notes are released, presumably around the time the update goes live.