Pretty much useless unless it's designed for a certain activity or regular pvp. As for new end game content, some blue armor might have more defense than your current gear.
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That's cute. So all my legendaries will not be ascending past the 365 mark?
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Nope. They are stuck at their current caps. They might let you ascend it a few expansions from now tho like they did with HoW. However, exotics are being ascended.
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They don't want Destiny to be classified as an MMO yet they take the MMO route... adorable.