Etheric Light isn't going away its just not going to be able to upgrade anything beyond Year 1 values (365).
Depending on how much damage the new guns do it might not be worth trying to use old legendaries in Nightfall. They stated that you might find whites and greens with higher values than the old legendaries. My plans are to get Vanguard and Cryptarch close to next level so when TTK drops I'll hopefully get some decent gear from a package. I'll also dive right into the story missions (mostly to see if Uldren really does die like I'm hoping he will).
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Thanks for the info. I agree if the new damage isn't a huge bump I rarely see any problems now with 300 vs 365. I'll keep working on getting etheric light and max out the weapons I like to use. Just hope the next wave of nerfs don't ruin too many guns I currently like using.
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It really depends on how big of a difference the next set will be. If its more than 100 points different then I can't see the older guns being nearly as useful as new ones. And if the enemies are getting a health buff to compensate for the higher attack values.