The best thing to happen to Destiny thus far was the House of Wolves DLC, as it let you upgrade any Legendary gun or armour so you have a much greater variety of armours and weapons to choose from rather than just raid sets and now they are wiping the slate clean again. It just seems silly to me. If they want people to use new weapons then make them good, but don't take away older ones just to try and force them upon us.
That being said it could work out well but I think personally that it's just a cheap move to deflect from the whole vault space issue. They can't screw over previous gen users by giving it to only next-gen users so they screw everyone over by taking away everything we worked hard for this past year and make everyone start again. It's a bit of a cop out really but one that we will all just have to accept.
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This, this, a thousand times this. I've said it before: HoW was the best thing that could've happened to this game (not in every aspect ofc but certainly in this)