Honestly, even though I'm playing on current gen, it doesn't make much sense to drop last gen at this point.
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So stop development, don't improve graphics nor your fps?
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I guess you don't understand. Graphics and fps are bound to engine and hardware and they can't change the engine nor the textures with this update. The only component they can target is memory, resulting in further view, more enemies on the screen and bigger menues (yes way more vault space). However, those are not good reasons for dropping last gen from a business perspective, because the tecnical improvements will be minimal till destiny 2 comes out.
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The reason for dropping old gen is that not enough people would buy the dlc on old gen for it to be worth investing in, which is perfectly reasonable from a business perspective. The argument that old gen is somehow holding the game back is stupid, but that doesn't mean bungie doesn't have a very good reason for dropping old gen.