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yup...my friend has raided 5+ times on his titan, several were hard mode runs with me...and he has literally recieved nothing but ascendant materials from every encounter and some default raid bonus's such as ships and shaders...but no raid weapons nor armor...its purty outrageous...
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Yeah the raid is some unrewarding shit, the best thing I've gotten for completing it was the Fatebringer, but it's one of the best hand cannons in the game so it kinda makes up for not getting the raid helmet :P
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same haha...the fate bringer is my pride and joy...until I get "the last word" that is haha...fate bringer hits like a truck with explosive shells in crucible though...so much fun...