You are correct, shaders alter the color scheme of your armor, since certain armore set have different colors, so you can have different parts that look uniform to each other or just simply recolor an full set of armor so as not to look like everyone else. Check the link below and you'll see them all, and there will most likely be more released in the expansions.
http://destinydb.info/inventory/buckets/2973005342
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Right. So really this is just Activision way of boosting CoD #s because Destiny is what's hot in the streets right now. Gotcha. Smart. Ride the coattails of something greater until you become great yourself. I seen the trailer for CoD. That shit look hot now, I can't front. But Destiny'll be my shooter until my children graduate. Lol so they say.
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Technically CoD is "greater" if you want to go by sells alone. I'm not a CoD player, but AW looks really damn interesting and if they can get some people who play Destiny to pad their sells, more power to them. They're a business first.