The last time that the Iron Banner playlist was made public, there was some that were frustrated by the high-stakes multiplayer mode where exotic and legendary stats carried over to the battlefield.
With players quitting out early because of a lack of incentive for sticking around to the bitter end, and with no penalty for those who quit and left their teammates in trouble, there was much frustration from within the ranks. Bungie promised to change a lot of the features that irked so many before.
We were expecting to see a variety of changes, most notably the Medallion of Iron, something that would be given to losing Guardians that would convert into a reputation boost, thus incentivising players to stick around even if their team isn't winning.
None of the planned changes were in the playlist when it briefly appeared, and since then the Iron Banner has been pulled. It looks like Bungie has either put the mode online by accident, or is backtracking furiously in order to repair their mistakes. We'll keep you posted.