Many people have this emblem equipped just to have an appearance. I saw this guy (actually a kid) with the emblem and some ToO weapons you can only get by going flawless. Something told me he got carried, especially when his grimoire score was low. So I went to his profile and saw that his ToO k/d is lower than 0.60 and that his all time crucible k/d was not even 0.70.
Edit: I see a lot of people misunderstood what I was trying to say with my grimoire comment. Grimoire is mostly experience and playing time. It's basically a score based on many volume achievements. The more you play, the more experience (grimoire) you gain. My point was that if someone has low grimoire, it is likely that person is not very experienced, which means he (or she) probably got carried.
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I usually agree with you on the grim score, if I see anything less than 3100, I just automatically assume they are bad, just based on experience as you pointed out.. That being said, I went flawless with two players with less than 3000 and the one of them was amazing! The emblem doesn't mean anything anymore though, I refuse to wear mine... My hunter doesn't need any emblems.. He knows he is a badass lol (Maybe not quite a bad ass, but but definitely not someone to be underestimated lol)