What he means is bungie messed up the iron banner description on class items.
The cloak has the description from your artefact and the emblem and shader have a description from your sparrow.
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It actually cycles through random perks. Mine said this weapon has increased reload speed after a precision kill. Inspect it. Now it's increased heavy ammo. Inspect it. Oh, now it can track wormspore. Yay.
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I just released it changes whenever you equip a different armour piece or sparrow.