The Iron Banner is a timed Crucible event in which players' level advantages are enabled, meaning higher level players should be significantly stronger than lower level ones.
The new Iron Banner comes with significant improvements over the previous Iron Banner event after players complained that its debut appearance did not appear to offer high-level Guardians the dominant power they expected.
Lots more information on the event and how it will work can be found on the official Iron Banner event page.
The Iron Banner will run from today, November 18, until November 24.
On Monday Bungie released a huge Destiny title update, version 1.03, adding voice chat to matchmaking and several other significant changes in preparation for the launch of The Dark Below, the game's first expansion, on December 9.
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Source: http://www.computerandvideogames.com/481315/destinys-reforged-iron-banner-is-live/
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