It meant something in year one when I was more conscious about Int/Dis build (FWC), getting black shaders (DO) and getting the old titan armor from NM. Philosophically, they aren't of any significance, because their beliefs don't change the story or game play. I've obtained all three exotic class items on the warlock and titan and am just starting them on the hunter, so that's something (I guess). Also, I'm still trying to get a poor-man's Fatebringer from FWC (The Wail). My faction choices are driven by gear, not philosophy.