Naw, they "might" get a weapon and gear. Want to know what my most recent New Monarchy rank up package included? One ascendant energy. You'd be a fool to rank up a faction without the marks to actually buy stuff because the packages are no guarantee and there's currently no way of earning those marks, unless you play crucible.
I wish I wasnt as anal about stats that I am because i would gladely go in and go 0.0 K/D too. I just can't bring myself to do it though, despite how much I hate that POS.
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I ranking up all Factions and i get really Good Gear for my Warlock and my Hunter. And i get extrem good Weapons. Best Weapon is Vanquisher III The rest i never would touch. Only FWC is good when you are going to play Raid.
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OK, let's all play the game your way and only use the weapons and armor you use. Sounds like total fun to me!