its not tho, sure there'll be no new raid straight away but there will be a new raid later on during this year, imo they can use the extra time to fabricate a raid that cannot be soloed or beat within 12 minutes, alongside it being pretty buggy anyway. the arena apears to be a horde mode type of thing, assuming with increasing difficulty the more waves you pass, but we can only tell when bungie actually shows it off. pvp just gets 3 maps and trials of osiris, thats it where pve gets more story missions, a strike and the arena, most likely Queens Wrath makes a return and hopefully itll be far better content than the last time it was around