With the "commendation" system and vastly larger weapon & equipment inventories; why would you even bother to advance your Faction reputation?
Only for the armor bonuses to Strength, Discipline and Intellect?
Commendations ensure you must progress in Vanguard and Crucible to buy Legendary items if RNG isn't kind to us.
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As soon as they added commendations and removed material trade-in, I removed my faction class items. I don't PvP much, so I now have no use for them.