It fell somewhere in the middle for me. The horde mode thing they showed off looks cool, I can see myself grinding that for a little while.
The Exotic updates they showed off boosted my excitement levels a little bit though. They're finally injecting some fun and excitement into the sandbox, which was one of the big things keeping me from playing a whole lot.
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I'm a big lore fan, and thats what I really want to see more of, I'm hoping the grind will be more gratifying though, knock on wood