Iron Banner is, as usual, a massive lag fest. It takes 2 seconds for ammo to be picked up, players don't die after getting shot point blank with a shotgun or it takes them 2 seconds to die, and you get shot from places you no longer are. As Destiny is the only game with this issue, it's a server-side issue.
Switching away from P2P servers would fix most of these issues right away. There will no longer be issues where players have to deal with others having bad net, the loading times will be quicker and the amount of error codes or "attention" notifications will drop significantly. Why hasn't this happened though?
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Are you connected to Bungie servers in your region? People have had the problem of being connected to the wrong servers which greatly affected their playing. [spoiler]nibbles crayon[/spoiler]