I played about 10 games earlier in the day, and I think all but 2 were against Iron,Bronze, & Silver. It was a completely different game being played. No one turtled, it was constant action, but the people were awful. I finished all of those games with 25+ kills and won them by 20-30+. I have yet to be given any reason to doubt this ranking system is doing an absolute stellar job at ranking people for the most part. Golds/Onyxs can hold their own for the most part, and below that, it's a slaughterfest of people who clearly have no idea what they're doing.
Thought it was funny that the guy I played last night mentioned on here how no one went for the Bane. It's a death trap, and completely useless for the most part, so the risk isn't worth it against good people.