You people didn't give half of a shit about 360 and ps3 players before, but now that Bungie's released that you won't be receiving an infinite amount of vault space for all the weapons you don't have you're treating last-gen owners like supporters of Hitler. You have 3 characters. Each functions exactly like a vault. Problem solved.
EDIT: If you say last gen is holding back Destiny on current gen then your points will be considered null. You knew prior to buying the game that it would be cross gen, thus it would be accommodating for the older hardware. This was the intent of Bungie. This is the full game. Plus, MUCH larger games run perfectly fine on last gen (Skyrim, GTA V, you name it).
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They didn't have to cut anything, there's no reason that your entire vault needs to be displayed on a single screen. You ought to be able to have an armor screen, R1 over to the weapon screen, R1 again to get to the materials screen. Or even use fly outs for each like was suggested many times in the forums. Their fix was bare minimum and lazy. I wouldn't put it past them to have mentioned the last gen issue just as a distraction so people would flame out about that on the forums rather than their super duper space increase. There were so many ways they could have worked around a '# of items on screen' issue.