It's not, really. Just an emblem everyone wears for a day or two until people start getting Year 3 emblems.
It's something to do, though. I'm running out of those since I got all my characters to 335, and most of my backup weapons and armor. Now I'm just working on the exotic faction class items. That takes quite a while to get all 9.
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I'll admit that I do like the concept of the MoT as it gives people something to archive in the game. Doing the Y1 MoT did give me an appreciation of doing the raids. Before MoT, I never felt the need to do raids as I usually play solo, but once I did, I realized that I had missed out of some real great experiences that Destiny had to offer in Year 1. If this list is accurate, looks like I need to get off my lazy ass and get back in doing the KF raid and finish collecting the last 4 fragments that I'm missing. BTW.. thanks for passing along the information.