So I've been farming the shrine of oryx for the last hour or so with some successful results:
I've worked out it takes on average of 3 minutes and 40 seconds to do a run (including killing the ogre and the high level enemies in the next room).
I've completed the run a few times and average around 700 glimmer a run. Also picked up 3 rare engrams and a legendary one in my hour there. OH and 10 silken codex (200 glimmer each).
So in an hour I've made 12,700 glimmer and have 3 engrams to decrypt. Plus as an added bonus I upgraded my subclass twice. Not bad really.