I heard yesterday that the Etheric Light upgrades will stop with The Taken King, and the current 365 weapons will not be upgradeable with the next frontier. Twas also said that it Exotics would'nt be upgradeable either (but that's gotta be horseshit, right?)
So what's up? They'll actually cap at 365 and the new guns/gear will set the next level? Personally I think that the Etheric Light thing's been the smartest in-game added feat to date. Now, we're building individual setups really..
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Can pretty much say without a doubt that the exotics part is a load of shit. With regards to the rest that's just rumor. It stems from the fact that when you hover over the ascend icon for a weapon it says something along the lines of "upgrades weapon to max damage available in year one" People have taken that to mean that they can't be upgraded beyond that. Certainly not how I read it but everyone comprehends things differently I guess