You're exactly right in the idea it'll carry over and encourage purchase of HoW.
A lot of people didn't even read the banner that first pops up telling you the queens wrath is in the tower. It stated this is a way to start your progress the queens wrath.
Your progress to the queens wrath event carries over to the queens wrath faction when HoW releases on 5/19.
This is to entice you to buy HoW. Just like eris' daily reset for bounties, some you can do without HoW, some will need it. This isn't a resetting event like IB.
The queens wrath faction has [i]Pallas Victorias [/i]and [i]Imogen's Fire[/i] shaders rep 3 and a ship rep 4. The rep 3 shaders are AMAZING.
Shaders are in alphabetical order
http://www.destinypedia.com/Shaders
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Those look sick! Thanks for the link. I've already got the expansion pack and I'm pumped to see everything on Tuesday! Be kinda nice if Petra still comes back to the tower once a month....nice change from Iron Banner.