In the above image, the Tower Hangar desktop, we can see the New Monarchy symbol on the large red banners. In [url=http://i.imgur.com/nrxV7T6.jpg?1]this image[/url], we can see what looks like a variant of the Dead Orbit symbol emblazoned on another banner. Both these images feature humans, so these faction symbols probably don't represent hostile races. Perhaps they represent the Guardian's version of [url=http://en.wikipedia.org/wiki/Chivalric_order] chivalric orders?[/url] It would fit with the fantasy/medieval themes of Destiny, and the idea of the Guardians being knights.
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I see it less of an over all power struggle and more of a "We have the better guardians! Choose the new monarchy! screw dead orbit and their weakling guardians!" kinda like rivaling noble familys trying to impress the king sorta deal. But that's a complete shot in the dark, I don't really have an opinion on the matter so...