I can't really say what happened to the Seven Seraphs, but Osiris is no longer a 'faction' like the War Cult, New Monarchy, and Dead Orbit. Osiris is apparently an ancient Warlock that is both wise and powerful. He disappeared from the Orders, and from known space. The best the Tower could find was recordings and mere traces of where he's been.
There's an as of yet unannounced event called the "Trials of Osiris' for which you can only access with a tournament ticket or an Osiris coin (no one knows how to get those). It's a crucible event that only takes place on the Burning Shrine on Mercury, and if you lose three times, you need to purchase another coin in order to get back in. you can get some legendary gear apparently, but like I said, no one's played on it.
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I've only managed to get to The Burning Shrine once. How I got there however was interesting. After playing an extremely successful game of skirmish (32 kills, about 12 deaths) I was transported to the map immediately after selecting to play another match. The music that plays during the small cutscene of your jumpship entering a planet was different. Almost a remixed version of the theme.
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If you click on your medal score, and find one about any of the PvP playlists, when unlocked it says you have a greater chance of getting a tournament ticket as a reward. So it looks like they can come from any pvp playlist, assuming only during the event.
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Oh yea thats true i remember now hearing osiris being mentioned on some missions. But hopefully seven seraphs is still a faction.