Running the griiiiiiiiiiiiiiiiiiiiiiiiiind the only way they're allowed
Because popping three of coins is the only way now.

Just two good old boys
Riding on their sparrows
Why they're still playing this stupid game God only knows.

YEEEEEEEEEEEEEEEEE HAAAAAAAAAAAAAAAAAAAWWWWWWWWWW

Reduced projectile speed to help timing of the trigger release.
Reduce detonation radius of initial rocket.
Reduce mag size to 1, increase Inventory

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It's pretty much a different weapon, and a fantastic example of an "Exotic" weapon now.

Rare horns can be upgraded to Legendary with a "Horn Relay", making them permanent.

Legendary Sparrow Racing gear comes with standard perks as well as Sparrow-specific ones, and can be infused to be a higher Light level (not just infused out to your normal gear).
So far I've only seen Legendary helmets, but the other pieces may be tied to your license, much like IB rank, or it's possible that it's just helmets and Class items, since the SRL page implied it.

it came with the collector's edition at launch.

What does CE stand for?

The exotic class items that came with the collector's editions couldn't be infused and were locked at 170 light. I'm definitely excited to bring them up to a level where I can equip them without taking a huge hit to my light level.

-Disciple

Can be given to Petra for Reputation.... WTF. What does she even give that would make this worth my time?

Boolean Gemini. It's better than spending six weeks to get to level 3 with a new or alt character…