I've played quite a bit and as far as i can tell all you get is helmet or armor vest with queens emblem on them and now the've patched it so that if you dismantle it you don't get acceding shards anymore. In my own humble opinion i wouldn't even bother its the same missions only with heroic modifier and yeah im sure she'll be back otherwise they wouldn't have you gaining reputation for her mission even though she dosn't have any good gear.

I imagine the Queen will be back... given she has reputation levels you can gain. It wouldn't make much sense if this was the only time she'll appear, and by "her" I mean her helper friend.

I am guessing that this is going to be a repeated event that Bungie rolls out on occasion. My reasoning is because the faction has a reputation that is tracked and also the implementation and integration of the event itself is extremely limited. There is nothing special to it, no fanfare or special requirement to get in. The bounties simply appear in the bounty board, the NPC appears in the event area, and the mission appears on the map screen. I believe the Iron Banner event is going to be very similar, except of course it will basically be focused mainly on Cruicible related tasks and the Cruicible mode itself.

Is like to know that as well. I'm not going to make level 24 by any means and I'm only part way to rep 2 for the hunter Cape. And handgun at least. Not sure if I'll make that through bounties alone