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There are some emblems for sale, by Speaker and by factions. Do they have some hidden buffs? Do faction emblems give some reputation gain bonus?

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Event emblems (The Queen's Wrath and Iron Banner) give 10% reputation gain bonus for event activities.

All others do not have any bonuses, they're just for show.

Faction emblems do not increase rep gain. I did some tests and with nightfall bonus bounties still give +62 and +125 rep (50 and 100 plus 25% from nightfall) even with both faction emblem and banner equiped.

I did not find any bonuses in Speaker emblems too. There were some rumors for hidden buffs (on Destiny forums and Gamefaqs), but in my tests I did not find any effects described. I did not try all of them though, only several.

Another source - Planet Destiny:

We have off the record Bungie confirmation that emblems do not have 
any hidden buffs or bonuses of any kind.
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    The event emblems are an exception. Having the emblems equipped during bounty turnins during Queen's Wrath and Iron Banner did give bonuses.
    – FAE
    Commented Oct 26, 2014 at 19:49
  • @FAE, thanks, totally forgot about those! Added to answer.
    – icebat
    Commented Oct 26, 2014 at 20:16
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Only the event emblems give bonuses, all of the other emblems are just for show.

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  • Thanks, totally forgot about those. Didn't do Iron Banner and Queen was so long ago =)
    – icebat
    Commented Oct 26, 2014 at 20:15
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some of the emblems from the speaker provides a little more chance of engram drops.

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