So. I got rank 3 in Ironbanner today, bought an etheric light and decided to ascend my Jolder's Hammer because it's a beast of a gun.
However it's abilities weren't the greatest in the world and so I decided to re-roll at the gunsmith after I ascended it.
Little did I -blam!-ing know it not only resets the stats on the weapon BUT it also removes the ascension!?!?!? So now my beautiful 365 Jolder's is now a 248 piece of shit. Thanks Bungie.
Just alerting everyone out there not to make the same mistake as me. Very annoyed right now...
EDIT: Yes I know that if you read the description of the re-roll thing it will tell you but it's still crap.
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Learn to read. It's not that hard.