Y1 Iron Banner ornaments will be available to use on Armor 2.0, just not the original armor itself.
I don't know if this applies to Faction or Trials armor ornaments.
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Yeah, that makes me optimistic, but since the Faction Rallies armor was only available to use on Faction armor, they would have to bring back new faction armor. Considering we haven't heard from New Monarchy, Dead Orbit, or Future Monarchy in over a year, I have my doubts ;)