other ideas (comment your ideas down below)
do you think that the titan and the hunter were put the most time on and at the last minuet someone in the bungie team said " lets just give the warlock an arm band ". seriously, an arm band we can't even see. well vote on what you think and comment what should the warlock have instead of an arm band my idea is to change the bond to a pet or something. Imagine in the full game having an alien type of bird in your shoulder that would fly around you when getting shot and when you go on your sparrow. If they add skill trees for the badge, cape and the bird the bird could have an ability witch would make it fly around enemies and seek them out dealing damage overtime
In the early levels I agree with you completely. They are small, bland, and don't quite compare to the cloak and sash of the Hunter and Titan classes. At higher levels, however I believe the reverse us true. The Titan's sash gets a little longer, more colorful, and a few even partially extend around to their back. The Hunter's cloak can only grow so long (and it does) and also gets colorful. But the Warlock's armband becomes a work of art. Not only is it the only of the three to become illuminated, the designs are amazing! They (no pun) outshine their other guardian classes. So if Warlock is your favored class, don't fret. You're just paying your dues. At level 20, those other guardians will envy YOU.