I have put several hours into the Iron Banner now, and sad to say, I am not impressed.
Where as the raid is almost a completely different game, from regular Strikes and Missions, the Banner is just the Crucible to me. I will admit I have seen some minor changes in how hard some people are to kill compared to others. And some weapons do hit harder. But its so close to what I experience in the Crucible that it may as well be the Crucible.
I was hoping to go up against geared out opponents that melted my face and whom I would feel extremely satisfied to beat down; Who would only go down when I was forced to use all my strength and skills. And to face the occasional lower level that I could bully into extreme submission, then drink their delicious tears.
Sadly, The Iron Banner feels like just a different faction in The Crucible. (like the FWC or Dead Orbit)
I do hope to see some changes for the next round of the Banner.
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Changes like: gear actually matters 100% and not some 20% bullshit? Being 28 and getting killed by a lvl 21 with a galahad-e. Totally legit :)