In general it's a pretty big mystery to me at the moment, and we'll need more information to speculate further as to the full extent of itemization in Destiny. I'm not terribly concerned about everyone having an identical character by the endgame, at least with regards to specializing into certain stats, I believe that there is enough incentive to invest into different stats to create different gameplay styles and such. There might be some class abillities that are strictly better than other class abillities, but we'll climb that mountain when we get there. As for class specific loot, I could potentially see that. I definitely think the aesthetics in part are going to be class specific, I feel it's important to maintain a visual difference between each class to make combat more intuitive for both allies and enemies, and reduce the amount of second-guessing going on. But whether there will be class specific guns or class specific upgrades, we'll have to see. With regards to Items, I'm much more interested to see how they will be handled with regards to competitive multiplayer. Perhaps I'm simply too used to the Halo Era mentality of "Everyone starts on a level playing field" and it's time for a new era and a new way of thinking, but I don't like the idea of competitive encounters being won by whoever has the better loot. Luckily, I don't think that Bungie does either, but there definitely seems like there will be a conflicting desire to keep multiplayer fair and allow players to utilitize the cool items they find to the fullest extent.