I loved the Faction Rallies back in D1, but sadly they haven't been so much in D2. I think that when it comes to the Faction Rallies it should be lasting for 2 weeks every 4th Season (like an presidental election) and you can only join one of the factions and the faction that gets the most points by (Most Members/Most Engrams/Most Strikes/Most PVP Matches/Most Bounties/Most Pub. Events/Most Patrols & Adventures etc.) That Faction and all of the members in that faction that got the most points then gets a special reward.
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I don’t believe there were faction rallies in D1. In Y1 of D2 there were.