I suspect that they have spent a lot of time on story arc(s).
When J. Michael Straczynski went on Usenet and said that he had planned and pre-written out a 5 year long sci-fi television series, with all of the intertwinded arcs, all of the character development, even trap-doors if an actor/actress wanted out mid-stream, people were both skeptical and excited. Babylon 5 was pretty damned amazing.
If Jones and company say that they have 10 years worth of story/universe and "stuff"? I am willing to be less skeptical and more interested to see.
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That's what I've been thinking. In the reveal, it was said that things will happen in Destiny that they did not explicitly plan/intend for. I think that as an always-connected, dynamic world, there are opportunities for the story that extend beyond the standard "what they program into the game" paradigm.