The Lords of Iron have come to Destiny‘s Tower to test guardians in the grueling crucible of the Iron Banner. Unlike regular Crucible matches, your level and equipment advantages are fully in effect for Iron Banner matches. This is the time to get your high-level character into multiplayer and complete some of those tougher Exotic Weapon Bounties.
Completing Iron Banner matches earns you reputation with the Lords of Iron, which can be traded with Lord Saladin for unique gear as a reward, in addition to an assortment of emblems and shaders.
Bungie has also posted a new hotfix for the game, which address some performance and security issues in advance of the next proper patch. You can read the detailed patch notes here. The Iron Banner runs for a full week, from October 7 though October 14.