Not only is what you stated correct, but even once you do beat him and unlock the vendor for the tokens - it gives you weapons and armor BELOW your light level just like any other vendor. How's that for raid loot? You can go do public events and get better loot than from the raid.
English
-
The raid spams me with the rocket launcher. I don't actually mind the raid as such, just a bit too mechanical for me overall, it's the loot system that's the real problem, the crazy loot system is indicative of a lazy development team who just could not be bothered, just like when they removed primary burns and again when and when they took away all our weapons and then made us grind for them back again, or when they stopped us rolling weapon perks(that was great fun). Now we have to put up with static perks, and highly repetitive loot drops, timed Nightfalls with no real rewards, etc etc etc !!