Its not so much the lag that bothers people. It is the lag "advantage" people have a problem with. Dedi servers with a ping cap would solve tons of issues for players.
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Agree, there are ways to "Improve" the quality, but this is what we have and what we will have for the remainder of Destiny 1.....highly doubt they would do any revamp and remove P2P at this point, and more then likely P2P will be in D2, doubt they would start 100% from scratch with the hardware end of things.