Well, the details are vague so far, but they have mentioned that you will be able to sacrifice old gear (and mentioned several times for people not to dismantle it yet) to make new gear more effective... does this mean just damage? a chance to transfer perks? Who knows... But that would make much of the old gear relevant... imagine a new armor, and you fuse a VoG and Crota piece, so you get perks that help in both? Or even all new perks when they combine?
[spoiler]...to be honest, it probably isn't gonna be that cool, but one can hope...[/spoiler]
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We saw a solar looking thunder lord. Imagine being able to sacrifice a weapon with elemental burns to upgrade exotics, I would love to sacrifice my abyss defiant to give me a solar Suros.
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It seems so awesome that it almost has to be unlikely... Plus I'm not certain they want exotics to be alterable that way, but perhaps some of the new legendary weapons will be able to take on such traits. I guess we won't really know until Bungie says something (or more likely until TTK actually comes out and we dive into it).