Basically I see this as the easiest (that people would understand) way for Bungie to implement armor customization.
The idea would be that you have a second "inventory" window for armor that once a piece is placed in this slot, that armor's look will display on your characters appearance, while still maintaining the stats of your regular gear in this primary slots. The only restriction would be that you have to stick to your classes armor type, i.e. a Titan could not equip Warlock armor to these wardrobe slots.
I feel this would be the most viable because it would;
1) Allow players to quickly move items in and out of slots much like we do now and see what combo they like the most.
2) Better than a transmog system because then players wont have to stand at a specific merchant or acquire a specific item just to change the look of the gear they already have, and if they don't like it have to use another item to revert the effect etc.
3) This would also save up on some storage space for a lot of players as their extra gear they may have in the back could go to these wardrobe slots.
On top of this RIFT has an option that allows you to save off the items you used so you could quickly switch between different appearances.
UPDATE 1: RIFT has changed the way the wardrobe works slightly. Instead of having to hold onto the gear itself (in bank or whatever), they have essentially every armor item like an achievement. Once you you acquire an item it gets saved to your wardrobe achievement, where you can select it at any time while looking at the selections. You can destroy your old items if you want.
UPDATE 2: I saw the live stream and I am excited to see old gear get brought up to the newest levels, however this still requires that you KEEP this gear which takes up inventory and vault space. I think a true wardrobe would still be awesome for Destiny.
UPDATE 3: As noted in Update 2, while the ascending of gear is awesome to be able to use old items with new gear levels, the problem of vault space will be a major issue. As seen here https://www.reddit.com/r/DestinyTheGame/comments/364ey8/patch_120_redux_all_house_of_wolves_exotics_gear/ there are what looks like at least 5 new sets + exotics, FOR EACH CLASS! Add this to the already existing VoG, CE, IB, etc sets and you can quickly see that the added vault space will run out soon.
Even more so now, I think Destiny needs a system like I mentioned in Update 1 that RIFT has done. The same issue plagued RIFT which the shear amount of actual items that people were holding onto just for their looks. They implemented a system basically that once your found a piece of gear, that item skin was saved to an achievement/archive to be used at your leisure, while allowing you to destroy or sell the item itself.
UPDATE 4: With the advent of Patch 2.0, Bungie has shown that they can "remember" what we have found in Destiny! Why stop here I believe now would be a perfect time to implement another kiosk specifically for armor skins that players find in game. This would be like RIFT, GW2, or Diablo 3, where once you find a new unique skin for an armor its automatically unlocked. Then you just visit the kiosk to select how you want your armor to appear. This would further allow players to customize their appearance without fear of dismantling those Vanilla or otherwise cool armor that is no longer obtainable.
UPDATE 5 10/27/2015: Festival of the Lost! With the new event it goes to show again that although the bank space was increased, collectors are going to be scrambling for more room. All of these new masks are just another example how a wardrobe slot or "armor skin" Kiosk would be awesome if added. Even a special events kiosk that would hold items like the festival masks for you after you obtain them without taking up bank space. As noted before, Bungie has proven they can "remember" items you have collected, I think its inline with the progressive nature of the game that soon armor skins should be remembered. Especially call items! I have so many awesome looking year one Titan marks that I don't want to lose because they are now unobtainable in year 2!
[b]UPDATE 6 12/07/2015: Sparrow Racing League! With the new event it goes to show again that although the bank space was increased, players will once again be looking for bank space as more gear is introduced! Ive said it before (literally) this is just another example how a wardrobe slot or "armor skin" Kiosk would be awesome if added.[/b]
Anyway just thought I would throw this out there. I personally love the way some of lower level armor's look, but obviously have to wear Crota's End gear if I want to maintain the power of my character. Like and Comment what yall think!
Thanks - Oki
TL;DR With all the new armor sets coming on top of old armor sets, it would be nice to be able to keep the item skins without keeping the actual item and use that skin via a wardrobe system. Implement and armor skin/class item kiosks like the shader and emblem ones!
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http://bosscade.com/d?r=vVwtQE4sd