It really should, it does in this pic apparently. [url]http://www.destinythegame.com/media/guardians-moon[/url]
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That weapon is actually the exotic scout rifle "the fate of all fools" which is like the strangers rifle but blue. I could be that only certain shaders affect exotics, but that pic was also from pre-alpha footage so the overall helmet may have just changed.
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The Titan is holding the Speaker Rifle and we know that is yellow....so it probably got changed.
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Hmm, nice find. Maybe it's a bug.