Not into the void, exactly, but it was applied to your armor/weapons/subclasses until they were maxed and then provides Motes of Light. I suppose I can't say this for sure without Bungie coming right out and saying it, but I would guess that we will start at the beginning of whatever level they set us at and not bump us straight to 40 on the basis of 'already earned experience'. That's how all MMO's do it, too.