yep. you loot about once every 3 or 4th match, and loots are at your light level or higher, and include *everything*, weapons, armors, shells, artefacts.

Iron Banner helped a lot for me, the drops no matter what they were seemed to be higher and if I didn't want something it was just infuse material. I am more of a PvE player, but when IB came around I could suck it up for a weekend to play. Zavala bounties were awesome as well, though some of those seem to be pretty time consuming. If you can time the Forge right and actually find someone, or multiple people, in there you likely will get good Ghost and Bond upgrades. Grinding 3 of coins was sort of meh for me. Except for the last exotic that dropped at 400, most of the time they seemed to open at 1 or 2 levels below my current. Treasure keys are the same. What really does not make sense to me is why the Faction and Vanguard drops stop at 390. If it wasn't for this 400 would have occurred much sooner for me. Good luck!

The zavala bounties help a lot with armor and the shaxx weekly bounty is great for weapons