For 98% of the content no, your gear will still be viable. All of your weapons will work just fine. Exotics on the other hand you need to be careful, don't get rid of/convert any exotic armors that are 67 base or higher. Also only convert exotics that don't have any good stat spikes. So, for instance if you have an exotic chest piece with 71 base and it has very good stat spikes, DO NOT convert that to the new system just use it the way it is. Remember any exotic armors obtained or converted in EOF will have T2 stat values. Exotic class items will have a distribution of 78 stat points which will be determined by their exotic traits. I believe in Renegades we will be able to get T5 exotics, but bungie hasn't explained any of that yet. As for Legendary armor the new T4 and T5 stuff is straight up better, so this really isn't a problem. Just make sure you have some decent stuff so you can be functional when the EOF releases July 15th. Lastly, the DR and DMG bonuses you get from the artifact don't work in pvp or contest mode, so unless you are playing ultimatum difficulty or other late game content like GMNFs then these bonuses don't mean much. Master difficulty and under the enemies just flop on the floor most of the time anyway. People need to chill out everything gear wise will be ok. I'm more concerned about what content we are getting that isn't free or just QOL. Where's the meat and potatoes of EOF?

Yes, yes and yes.