Only if matchmaking on the lower difficulty you propose awards nothing higher than uncommon green loot, other than skirts, hoods, armbands...those can be rare for the "easy" mode.
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The Public Raid's don't have to be "easy" as they would be much more difficult than Strike's thus requiring 6 players and a much longer time to complete but you just simply wouldn't find things like exotic weapons and armor. You'd still be able to acquire higher loot based on your level than you would playing in normal Explore mode or during Strike missions.
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I could hang with reasoning like that, but we're all trying to reinvent the game before it's even out. Lets see how it plays out, maybe everyone will be happy in the end.