Can't seem to find solid info anywhere on whether or not you get more Vanguard rep from wearing a legendary vanguard cloak vs a rare vanguard cloak or if both give the exact same level boost to vanguard rep. This seems to be one of the few foggy areas about whether or not legendary actually matters.
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Class items are purely cosmetic there is no effect, rep bonus or otherwise, that comes with class items
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Except for iron banner. It did say when it was released that shader, emblem and class item do add 10% rep increase