I'm fine with having my legendaries being null and void. The problem is though that i don't have a reason to play now and grind for light and other legendaries (raid weapons I'm missing, specifically -- I'm looking at you, Fatebringer), so I'm thinking I'm taking a break until TTK comes out.
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Same boat. Have weapons I had planned on ascending, but don't see the point. Got 6 Etheric lights yesterday, just sitting in the Vault. I don't need to ascend, just got tired of moving weapons from char to char. On the other hand, I'm OK with new stuff. I figured we'd be retiring the standbys sooner or later, so it comes as no surprise to me. Just, no reason to run vault or Crota. All I need is Timepiece, but aside from collecting what's the point?
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I still run them on all 3 characters to turn the shards and energy into motes of light, save them up for when ttk comes out and buy the engrams from xur to get the new exotic armors quick