Personally I was extremely let down when I saw that the faction armor is only reskins of the planetary armor... Come on Bungie. The hundreds of millions of dollars made off of this game... You could have done it. Just like you could have done made dedicated servers... and new abilities.... Theres alot that I love about this game but its like you took three steps forward only to take another two steps back.
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I was disappointed by the faction armour being nothing but a re-coloured variation of gear already available too. Looking at what has been made available I see nothing special to attract me to any faction.