It would also be very handy to do this between Xbone and 360, as well as PS4 to PS3. I have several friends who can't spend the money on the current gen console, but we all still have a 360 so I'd love to be able to migrate my Titan to my 360 to play with them periodically. Doubt this will happen though since it would slow down sales even more and so many people have proven they're will to buy the game on multiple platforms to play with different people. In the gaming industry today, money always wins over good customer service, and Destiny is not the only game with that direction in mind.
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I transfer all progress from 360 to Xbone and back quite a lot!
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Playing with other players cross platforms or cross generations is a different thing, and I do not think that will happen. But using your profile on different platforms or generations is at least technically reasonably possible.
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Yeah I know you can't play cross platform, but it would be nice to migrate my character to another platform. Like I said though, I doubt it will happen because it would discourage additional sales.