It would be a wise move of bungie to remove the stupid only 1 exotic weapon,armor piece rule.
Since it kinda works against a long an sustainable game.
When you have that exotic armor and weapon and the rest legendary what is the point in keep playing ??
To swap it out once in a while for another piece ???
If you make it so we can have exotic in all slots it would keep players acctually playing the game at a much much longer period of time then it does now when we only can use 2 pieces of exotic at any given time.
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As far as PVE goes, I see no problem with this. You earned the gear (maybe?) you should be able to stomp AI enemies into dust! PVP... Not so much. Keep the 1 and 1 restriction, lest you invoke the wrath of the Nerf Bat catering to all the complaints of those getting smoked by incredibly geared (due to bonuses for class skills and weapon upgrades, excluding damage upgrades cuz those obviously don't factor) God-Players.