Anyone here play the TRIALS OF OSIRIS that released Friday, May 22nd, 2015? It is included as a "Weekend Event" in the "Reef" Explorable (The House of Wolves Social Space).
You have to talk to BROTHER VANCE. He issues you a "Trials Passage" sheet that can record (UP TO) 9 wins and 3 losses. He also sells buffs before you head into a match for "Passage Coins" that you can acquire in PVP (The Daily PVP mission), Some PVE quests (rare) and identifying them through engrams (Even rarer).
It works like Counterstrike meets Skirmish. If you all die, you lose the round. The game consists of 5 rounds. Heavy ammo drops on the fourth round. You can resurrect teammates like SKIRMISH, but if you all die it's a wipe. It's very counter-strike-esque in this nature.
I find it extremely challenging and fun, because if you lose three times you're out and the highest win total is all you can turn your card in for. I heard at 9 wins you can get to go a "Special Zone" called the "Lighthouse" that allows you a chance to open chests for Aetheric Light (The Stuff needed to ASCEND nearly every piece of purple gear and weaponry).
I really think it's smaller scale IRON BANNER (Level Advantages ARE enabled) and it's quicker paced "Gotta kill them" type action.