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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I think that the loot tables at the end of the match should be changed for Iron Banner. In order to support its theme they NEED to reward the best players with the most points. The first loot slot would still be RNG just like always but the 2nd loot slot should be based in performance within the team, and rewards the player with a new type of currency used only for the IB. Saladin would still have his items normal items for marks and glimmer but a Rank 2 in IB would see all the possible Legendary gear that the IB has and it would be bought with 'tournament coins'. Basically the better your score by the end of the game the more tournament coins you're likely to receive at the end. So even if your team loses, if you played a really good match then you'll still be rewarded. And everybody still has that first slot as an RNG anyway. Players on the losing side would have even less reason to quit out because they could still earn tournament coins by playing well. Then you could turn in 50-65 of them in and get the Warlock Trench Coat that wasn't even available as random loot. Bottom line, they refer to IB as a tournament yet they don't reward player performance, and they don't even give as a chance to get all the gear that was showed off in the marketing until it comes back around at some indeterminate time.