For many of us, hitting level 34 as quickly as possible is something of interest.
As far as my understanding of how Prison of Elders and armor works, here's how you can get to Level 34 on the same day that Prison of Elders drops:
1: Ascend an exotic armor piece (make sure it's not the body part as the PoE one Varyks is offering). This gets you halfway to 33.
2: Complete the story missions, and do Prison of Elders on level 32 (should he easy with a full fireteam of experienced players). This will grant you an armor core.
(Thanks to /u/OldSeaMen: I'd suggest running the nightfall in step 2 after you have completed the story missions.)
3: Use this armor core to get the armor piece Varyks is offering, you are now Level 33.
4: Find 2 other Level 33 players, and take on Prison of Elders level 34. This will grant you one Etheric light, with which you can ascend another armor piece.
5a: If you have another character of the same class, just complete the story missions on him (to unlock Prison of Elders), then switch your 33 gear to him and run the Level 34 version again, granting you the last Etheric light you need to hit Level 34.
5b: If you do not have another character of the same class, it will take you a bit longer, as you have to repeat steps 1 - 3 before you can take on Level 34 Prison of Elders, which will once again grant you an etheric light, Getting you to level 34.
To clear up any confusions, here's how the rewards in Prison of Elders will work:
Level 28: This will pretty much be like a ROC Strike, but will also grant you Reputation with Varyks
Level 32: This will grant you Varyks' reputation as well as an Armor Core, which can be traded in with Varyks for the armor piece he is offering that week.
Level 34: This will grant you Varyks' reputation as well as a Weapon Core, which can be traded in with Varyks for the weapon he is offering that week. This will also get you Etheric light.
Level 35: This will grant you Varyks' Reputation, as well as an Armor Core, Weapon Core, and Etheric Light.
