Choosing a faction should be an account-wide commitment.
When people can purchase EVERY faction reward at the conclusion of the event regardless of outcome, the whole thing feels less significant; and people who don't have the interest or the time to play 3 characters are somewhat penalized.
Now imagine if Faction allegiance were account-wide. You see somebody with that New Monarchy gun, you know who they side with. Maybe you'll feel a bit jealous of how good the FWC reward is, but proud to be using the same scout rifle as your DO brethren and sisters. Suddenly there's more pride in your faction and significance to your choice!
Please Bungie. This Rally is a great idea. Don't be afraid to force people to commit! Their faction pride will be that much greater. The event would be that much more competitive.
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I would enjoy this and it would give me a reason to login everyday.