I'm pretty sure the reason we don't have massive amounts of vault space is because the last gen consoles don't have enough ram space. (Wasn't some feature disabled on 360 and ps3 to allow the vault space we just got?) If this is true, then the only way to get what we all need, as far as vault space, is for bungie to drop last gen support which probably won't happen till destiny 2.
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I believe they can still do things exclusive to current gen when push comes to shove because ultimately this is the part of their business which will continue to support them since the next Destiny releases will probably be for current gen only.