I don't know about anyone else but I got absolutely nothing from Iron Banner. No weapons, armor or class items dropped for me and I made it to Rank 4.5.
This has never happened before and seems to be result of the changes Bungie made. I don't know what that person was talking about when he said there'd be increased drop rates. It worse now. Much, much worse.
Oh wait, I did get a legendary engram that decoded into something I had already (the result of another falsehood stated by a Bungie employee).
EDIT: I did wind up buying the pulse rifle since everyone was saying how amazing it was for PVP. So I made it to rank 5 and still didn't get any IB drops. Unbelievable.
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1 Reply2 butt capes and 1 pulse Rank 5 got zilch since.
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2 RepliesIB this time around was horrible. The loot drops were almost non-existent, and what did drop was worthless. I get better drops doing patrols.
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I did patrol for 15 minutes and got more loot than getting my character to rank 5 ib
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45 minutes in court of oryx and I had more stuff that decrypted higher than the trash from hours of Iron Banner.