Just remember that there is a section in the Destiny Main Menu that says Faction wars. Think of it as Clans or squads(in greater numbers of course) that battle against each other.

One:Thank you so much for creating a new topic. And from what we've seen the factions have only been shown as logos for ships and on your clothing.However,I highly doubt something as meaningful as the factions would have just that,I don't think there will be faction specific areas,Like raids and strike areas,but at the tower,I do Belive they've hinted at a social space for each of the factions.Factions are also going to play a role in competitve multiplayer,I would think a leader board system to show which faction has the highest kills,deaths,objective captures,assist,score etc,would be beneficial and give us a sense of pride being in that faction.They have also said that in story mode your choice of faction will affect the events around you,this hints at multiple endings,and people you may or may not meet depending on your choice of faction.Im not too sure about faction specific weapons but I think armors are certainly not out of the question.