While a 5-10% weapons damage boost or a 5-15 armor DR boost doesn't sound like much, I can definitely see a scenario where players kick player from fireteams because they're not running the latest and greatest gear.
It also has me concerned for exotics who will apparently be power crept unless bungie regularly updates them.
Not to mention, who will honestly want to regrind their T5 gear every 6 months? That's a lot of RNG to wade through, plus they might not even offer an archetype you like that season.
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This sounds even worse than I initially thought/heard. Sounds like more of play the way Bungie wants you to play instead of the way you want to play.