Taken King marks the end of "year 1" and the beginning of "year two".Etheric Light is only capable of raising eqiupment to "Year 1 maximum" so that seems to suggest use it or lose it.
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Bungie can always choose to update Etheric Light to make it relevant in Year 2, the question is... will they? If Etheric Light is to become as useless as Ascendant Materials, then there will be very little point to playing Prison of Elders in the future, except for may the Elder Cipher weapons.
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Yes, they may. I suspect I may have missed your post's true question. It could be that they may issue upgraded Light. It would be silly to have yet another upgrade material.
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Edited by Aurik Kal Durin: 8/2/2015 6:23:15 AMI don't think they'll have another upgrade material... from what I can tell, it looks as though they'll have a normal level-up system for gaining increased Light Level; like I said, none of the new gear they've shown in The Taken King has Ascend nodes, and all the gear they've shown is Level 34. Maybe all we need to do from The Taken King onward is earn experience to gain Light Level? Because if they do upgrade Etheric... everyone will just save it and get to the next level cap on Day 1.