It's one of the few weapons that has to be earned and have resources spent on it (motes) so it should he better than other weapons. I have it but haven't used it much. I might now after seeing cry baby scrubs.
Also the slow rate of fire balances the gun.
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#Destiny
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Maybe a legendary candy cane that gently lofts flower petals at your best friends (we're all best friends) would have been a more appropriate prize for the iron banner. Also, shouldn't the iron banner have a nicer name? Like The Tranquility Gathering?