As is tradition with all other standard reputations with the exception of the Cryptarch, you reach rank 3 reputation that faction then rewards you for your efforts. It's my belief that special events such as the Queens Wrath and Iron Banner should be no different only there reward being the faction based spacecraft. In fact if this could be applied to all factions and reputation vendors except the cryptarch that would be awesome. I don't mind grinding but when I'm grinding for random awesome loot drops all I get to say is "yeah I got lucky." I want to be able say "yeah I earned that, it wasn't easy either." I'm positive that I'm not the only one out there who feels the same way as me and this would make for an awesome unsentimental to actually push for rank 3 in any faction and for any event. Right now I'm rank 3 Iron Banner, I have all the gear a warlock can get including Timur's lash, in fact the one thing I'm missing is that Destiny Bus.