This is an old, forgotten topic that I haven't seen mentioned recently.
I would love to see some function (other than farming rep) to high level class items, even if it is one simple node that gives a single perk.
The Vault of Glass class items could cause bonus damage to Praetorians, or Atheon, or Oracles, or increase relic holder's agility, there are countless untapped possibilities for them.
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I honestly rather it just stay an aesthetic item. I hate having to wear a faction cloak to earn reputation. Adding perks would break it down to the point where people are even all wearing the same cloaks more so.