Seems like a good idea. The weapon matches the color scheme of the Laurea Prima emblem too.
For more about the exotic weapon "Fate of All Fools": http://destiny.wikia.com/wiki/Fate_of_All_Fools
Edit: Didn't expect this post to get so much attention. The more I think about it, the less I think it is a good reward for Year One players. As for the Jade Rabbit, I made this post before I knew what the Jade Rabbit was.
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Kinda makes the ps exclusive jade rabbit pointless if this happens tho. Also exotics shouldnt ever be handed out like this even to year one players (ive been here since beta)