I believe that customization will be tied in to multiplayer progress, though I'm not sure how much it affects it.
As for the whole class thing, I would definitely like Skyrim's way of doing this. Start out with no skill in anything, but gain experience in whatever you chose. Then you could change up your style whenever you want. I would hate to choose a Titan class and not be able to mess around with magic at all.
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Ya I'm not sure about how to approach magic. Bungie doesn't seem to be the type of company that would take a fantasy direction (rather than pursuing the science fiction basis). I would say that I approve of picking out a class rather than simply having a generalized character, but we don't necessarily have to be forced to pick out a class type immediately. The biggest thing for me would be that players should be forced to actually utilize the skills that they choose to improve upon. Like I said before, don't let players who have no ability to snipe to be able to improve their character's statistical ability to snipe.