This is good thinking. I thought the same thing when I saw how they were using the term on the new content page. Another thought I had would be that Vanguard will be a title that is given to everyone who participates in the public beta that I assume will be coming eventually. It would be like a special insignia or something perhaps to honor those who have dedicated some time into making this game the best it can be.
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That would be cool too. Gah, everyone has such awesome ideas, too bad they can't all be in the game at the same time... Or can they?
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Don't worry, friend. This is only the first installment of several awesome Destiny games to come. If this one had everything, what would be left to improve upon?