Destiny already has some mild discrepancies between its current-gen and last-gen versions, but after August they'll split for good. According to a support guide published by Bungie for players on "Legacy Consoles" (that's Bungie's name for PS3 and Xbox 360), both the Iron Banner and Trials of Osiris will be limited to current-gen players ahead of Rise of Iron's release on September 30.
Once Bungie flips the switch in August, character advancement made on the PS4 / Xbox One versions will no longer be reflected on PS3 / Xbox 360 and vice versa. An automated account import process will still let you bring your progress forward if and when you move from last-gen to current-gen.
Bungie says it will continue to support the "Legacy Consoles" after this point, but they "will no longer receive major updates and content releases". The daily and weekly Crucible challenges will still be available on all platforms, though the specifics may differ. The same goes for all the other Destiny content on a weekly rotation like Challenge of Elders.
Even if you're a current-gen Destiny player you'll still need to buy Rise of Iron to keep playing Iron Banner and Trials of Osiris once it comes out. It sounds a little harsh, but when you consider that the semi-regular events will almost definitely start featuring Rise of Iron maps and handing out Rise of Iron gear, it makes sense. Bungie isn't going to run separate, pre-expansion-only versions of all its events.
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