All of the guns and armor have different models. Not very different, but when you have hundreds of each, it's impossible to give each one a specific look. If any of you want to model 300+ guns for Bungie, then go ahead.
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I guess the legendary guns could have used an own unique model. But they look like level 1 white guns/loot just with different textures. I think thisbis a bit lazy if you ask me, for a game they were working for like 3 or 4 years on now.