A comparison between Exotics I've found and Legendaries (W/ Good Perks). This only applies to Weapons.
Exotics:
Hard light x2
Red Death
MIDA Multi-Tool
SUROS Regime
Thorn
Icebreaker
Truth
Legendaries W/ Good Perks:
Bad Seed Down-Headseeker, Field Scout, Play and Spray
I'm coming to the conclusion exotics are far overhyped. A balanced legendary surpasses most exotics in both gameplay and "cool-factor".
I'd like to see some engram-based legendaries w/ good perks you guys have.
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I think a system where exotic armor was available via drops, and exotic weapons were ONLY available via bounties that Xur sold exclusively, would have been a pretty cool system. However I think it's pretty clear what they are doing - at some point soon, before the December DLC, they will let players equip full exotic gear in order to bump up their level past 30 (the DLC raid is level 32, I believe). Whether they add an additional level of rarity at that point (epic?) will be interesting.