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If you read through, it disables exotic perks for 3 of the 4 armor pieces. Wouldn't be any more powerful than the normal 3 legendary and one exotic armor piece setup
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Then there is really no point other than cosmetic.
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That would technically be like saying there's no point to anything cosmetic in this game, which is highly based on cosmetics. Half of the grind is to get our characters looking how we want them too. This would add more cosmetic freedom which would make us all feel less restricted on what we can do to look different