Yes, content was cut. There's a great deal of evidence, starting with the incoherence of the story, multiple promises that aren't yet true, powerful enemies who exist only to guard closed doors, and people being able to glitch themselves into playable environments that aren't accessible by regular means. The larger question is, what does that mean to you? Only you can answer it. Personally, I think it was a really bad decision. I would be clamoring to give Bungie more of my money if Destiny was a complete product. As it is, I'm wary. I'd rather forgo the discount of the early purchase to find out exactly what it is that I'd be buying.