ToO, IB, and any other level dependent pvp can't be played. Nightfall strikes can't be played. Weekly heroics can't be played. New level cap can't be attained. Therefore any weapons earned while you're behind this pay wall can't be used because most new items can't be equipped unless you're level 40. It will most likely be the same for new exotics and armor and year one armor brought into year two. So yes. They [i]did[/i] have content taken away.