The question is, now that we've played for a while, regarding loot level and rarity specificly - does it matter if it's blue or purple or yellow even?
Ive found myself surprisingly satisfied with Rare/blue level guns, some pulse rifles in particular, and even though I got a legendary pulse rifle now - Ive grown quite fond of old loot, despite rarity level. Also with armor, I sometimes find that I like lower level items better based mainly on appearence than stats. And in balanced PvP it matters not while in highlevel PvE it means alot.
Is it about running around in exotic loot to you; or simply go with what you like?
To me rarity matters on armor, only because of light capacity. Guns however, Im not so sure.
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The rarer the weapon the more upgrades you can get. Fear the fully upgrade exotic and cry yourself to sleep.