The Iron Banner is a new Crucible (PvP) mode that removes gear balancing, which means the weapons and armor you have equipped will actually make a difference.
Available until October 14, participating in the Iron Banner (and completing Iron Banner bounties) will earn you Iron Bounty reputation, which in turn will unlock all sorts of Iron Banner-specific weapons and armor (Legendary grade). Once you reach the required Iron Banner rank, you can purchase these gear pieces with Crucible Marks or Glimmer, so really the toughest part is grinding the rep (all 10 Iron Banner bounties can be found here).
In total, the Iron Banner offers players 9 Legendary weapons, a set of Legendary armor for each class, and various shaders, emblems and ships. Below are each of the Iron Banner rewards available. Simply click through the link for specifics on each item.
Hunter
Titan
Warlock
Class Items
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