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From what I've watched, ambassadors of the different factions are located around the tower. They have loot to be unlocked as you play in the Crucible. The better you do, the more rare guns and armor that will be accessible to you. Everything at the faction vendor has a timer as well, so new loot is always coming in at a timely fashion.
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That sounds pretty interesting. What I'm curious about is whether you can actually join factions and how many there officially are.
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Officially, every faction Bungie announced at the very beginning of announcing Destiny are included. Sorry I forgot to add this but faction missions will also be included in the PvE world as well! From Future War Cult to Seven Seraphs, its all there just waiting to be discovered. You can join factions, and I'm pretty sure you can change in between factions if you want to.
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Nothing more than what we know, like how you fight for them in the Crucible.