The Titan has a banner on their hip, the Hunter has a hood and cape, and the Warlock has...a tiny arm band that is difficult to see.
The Warlocks need something a bit flashier than a glow-in-the-dark arm band. Something that says "I went to hell and back for this"
Don't get me wrong, I love the art direction in this game and many of the characters/armor sets look fantastic. However, this is one item that is sorely lacking the attention it deserves.
Thoughts?
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Having played as a hunter, titan, and seeing the warlock the warlock probably has the coolest item. Though it is not instantly recognizable they can look the best. Hunters are abviously the most visible but you can easily skip over them unless you are specifically looking for their hood. As for the titan it is fairly difficult to see their litle cape item as well. My point is is that you unless you are specifically looking for a specific class's item you won't recognize it. Surely in the middle of a firefight you aren't trying to check them out and say "wow that is such a great armband/cape/hood... Where can I get that?"