Though unrealistic, What would be a REALLY cool addition is a random event in the tower, like the iron banner, called the "Iron Tournament" where you would sign of a squad of 6 (or 3 if that's what the tournament is for) and you would get the time the tournament starts. It would be a simple bracket tournament, winner goes on, and all gear and level bonuses apply. The winning team takes home exclusive exotics that can only be won IN THAT TOURNAMENT, as well as a class item that signals you won that tournament.
I think this sounds cool. Of course there are a lot of issues with the idea of forming a tournament over an online game, like time zone issues for one. Still, though, I think this would be an awesome addition. Not only will this add the "competitive" element everyone seems to be crying for, but it also fits in the game lore. Not to mention it would be freaking epic
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Sounds line a cool idea.