So I am looking forward to upgrading my equipment once House of Wolves drops. I know the Vault weapons will be upgradable, as will (probably) Crota weapons.
I hope it is more than that though, I hope that armor will be able to be upgraded as well. I have some legendary and rare armor that I just love the way it looks, and would be excited to be able to make it more competitive.
If a wide variety of equipment could be upgraded, I think it would go a long way toward breaking down the issue we have currently where players all look like clones of one another (since there is a definitive best set of armor, and if you want to be 32, that means IB, Raid, and Exotic gear - just like everyone else).
I hope that legendary armor can get its light level increased. Rare armor too, though it should take more work. Doing so would cultivate a lot more diversity, and let us consider how a piece looks, as well as what it does.