The Queen's Wrath is a time-limited event that is going on for the next two weeks from today, the 23rd of September, through Monday, the 6th of October. It consists of new bounties (both PvE and PvP) that can be obtained from the normal bounty robot and a new game mode, a "story challenge".
Bounties for the Queen of the Awoken reward points in a faction titled "Queen's Favor" and there is a new icon that matches on the Director Map. It appears that for each bounty that is completed, you get a token to enter "The Queen's Wrath" Story Challenge. It is set to Epic difficulty and marked level 24 Very Hard for me at level 27.
There is a new merchant for the Queen. She is in the large open area north of the bounty robot (the wall is open now). She has shaders, emblems, class armor and weapons for sale. Unlike all other vendors, this one has no "stock refresh" timer. So it would appear that what you see is what you get. Everything requires only glimmer to purchase once the required faction level is obtained. One of the shaders and one of the emblems requires Queen's Favor rank 1, the weapons require rank 2 and the other emblem and shader requires rank 3. The weapons are all of Rare (Blue) quality and require level 20.
Without resorting to the PvP bounties, I collected 350 faction points today. This means it should take me a minimum of three days (including today) to reach Rank 1. Assuming that it takes at least as much faction to reach Rank 2 and 3 and that the distribution of bounties will be similar, it may take a certain amount of dedication to reach Rank 3 by the end of the two weeks.
More updates as I find out information!