I haven't ranked up to rank 3 (SRL) yet but I hear it drops pretty good rewards the higher your rank, especially if you use a 3OC.
What's the best reward drop you received from sparrow racing?
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I have gotten three 320 light helms and one 320 light mark with quite a few 310+ helms and a couple 310+ marks. Once you hit rank 3. The rewards bump up a lot. I have gotten quite a few exotics through this as well. My 310 tarantula chest piece, my 290 twilight garrison, 310 thunderlord, 310 mida multitool, 310 no land beyond, 310 suros regime, 310 last word (will be infusion material soon), 310 truth, 310 peregrine greaves, and quite a few repeat 290 exotics (repeat for me anyway). I would consider SRL a success from a reward drop standpoint. (Better than I ever got from iron banner).