I don't see how this is different than any other MMORPG.
For example, you never stop getting newer and better gear in Warcraft.
What we really need is a transmog system like WoW has so we can keep the super cool looking stuff.
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Problem is, Bungie isn't blizzard. The HoW weapons are a far cry from the Vanilla weapons/gear. So while I appreciate where you are coming from, Bungie needs to prove they can be creative weapon wise.