I have to think that they will only raise the light cap upon DLC releases. BUT, re-releasing VoG with updated (36/331) gear would be kick ass. Currently, unless you're still grinding for a Fatebringer or Mythoclast, there is absolutely no point in doing VoG. But just upgrading the reward drops would give it new life for several reasons: 1) 331 Fatebringer? Yes please. 2) More apparel options for 32's. Currently, the only way to be a 32 is CE raid gear, or mixing in one exotic with them. So, the result is that everyone looks damn near the same. 3) It will give 32's something else to do. If you're like me, on Tuesday, you run through the weeklies, then CE for your characters. After that, you're pretty much done for the week (I recently started grinding bounties to try to get Dead Orbit shaders, but that's about it). Hell, I only do CE at this point because I'm still trying to get the Abyss Defiant, and hoarding radiant materials in case we can still use them for the next DLC gear. Bottom line is, it would be a relatively easy patch for them to do, considering how much end game content it would add with little effort on their part. But, considering they still haven't added vault space, perhaps I'm asking too much.

Light level 34 VoG armor could just be placeholders for HoW armor.

Do you have a link to these rumours?

I'd like a higher-level VoG, but I think it would be wrong to ask players to earn their gear all over again. Rather, what I'd propose is this: Either upgrade all weapons and armour to 331 attack and 36 light or offer an upgrade option at one of the vendors. That or bring in a new vendor with a connection to the Vex. However, armour upgrades should respect the stats on the armour being upgraded as opposed to Xur's "upgrades" which really just replace the old item with a new one. This way you can upgrade your gear or earn it again, the player has choice. I'd also give the new weapons a "Vex Disruptor" perk that does extra damage to all Vex majors as opposed to just Oracles. But only on 331 versions if that's possible, as an incentive. Hey, if it's good enough for Crota's End weaponry... The loot system should probably be changed to radiants as well, plus the drop rates need a vast improvement. For example, here's a list of VoG gear I've never had drop: Praetorian Foil, Fatebringer, Vex Mythoclast, Praedyth's Timepiece, Hezen Vengeance, Warlock chestpiece, Titan boots, Hunter gauntlets, Glass Minuet. That's ridiculous. Furthermore if the game detects you have the Timebreaker or a ship or Chatterwhite in your inventory it should NOT BE IN THE LOOT POOL. I don't need this many damn Timebreakers! There's more but I've lost my train of thought. You get the idea.