I've been playing the Iron Banner event since it came out Tuesday, and it's today on a Saturday when I finally got my first reward, and I said and I quote "HOLY SHIT IT'S A F**KING CHRISTMAS MIRACLE!"
I'm disappointed in how the rewards work, in fact the few times I ever see someone get an Iron Banner reward, it's always the hand cannon, which is what I got as well, of all the rewards that were said to be in the event. One match I had joined right in the end of the match, when it showed the rewards I got 2 normal crucible rewards for doing nothing because I wasn't even in the game yet, while the rest of the team that had been actually playing got... nothing. I think that is just terrible and cruel.
I'm currently in a race to achieve Iron Banner reputation rank 3 before the end of the event in 2 days so that I can buy the Titan armour, and I'll buy 3 of the machine guns and 3 rank 3 shaders for all 3 of my classes. As for the hand cannon I got as a reward I gave it to my Hunter.