In the above image, the Tower Hangar desktop, we can see the New Monarchy symbol on the large red banners. In [url=http://i.imgur.com/nrxV7T6.jpg?1]this image[/url], we can see what looks like a variant of the Dead Orbit symbol emblazoned on another banner. Both these images feature humans, so these faction symbols probably don't represent hostile races. Perhaps they represent the Guardian's version of [url=http://en.wikipedia.org/wiki/Chivalric_order] chivalric orders?[/url] It would fit with the fantasy/medieval themes of Destiny, and the idea of the Guardians being knights.
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I agree. I think over the course of the game each of these factions will evolve with the players. But at some point of the game we choose who we are with. Who you are with comes with certain perks. The New Monarchy obviously having their own ship or hangar.