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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I doubt the damage boost to new weapons is not enough to make current stuff unusable. Keep in mind how good our current stuff is. There will probably be a lot of bad loot until a decent amount of content has been released, and current stuff will remain good until it is replaced by things with better perks which will be hard to beat in many cases. It will affect contest level content because you will miss the foregone damage for using old weapons but it will not hinder your ability to do normal strikes raids and dungeons. It ultimately will depend a lot on if the game is balanced around us having the 10% damage boost and the DR or if it will be balanced around how it is now and the bonuses will only be bonuses. I would wager the latter. In which case current stuff will feel no different than it does already, new stuff will just give bonuses, but not having the bonuses will not be prohibitive. I do not like the idea of having to regrind things every season and I hope that this is revisited or ends up being easier than we think it will be. I am on here pushing for loot being the driving incentive behind playing, and I am all for new stuff to chase, but armour builds are not exactly something that people want to regrind with any level of frequency.