I think they could partially solve this by treating armor in a horizontal fashion. Like, no armor is really "better" than another, but they serve different play styles. The problem is that I know that I would eventually run into an armor that looks awesome, but doesn't serve my purposes very well.
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I agree with this. A lot of people are assuming armor is going to equate to stat stacking, the normal MMO mentality. This is an FPS, where stats aren't quite as important as player skill. I think Bungie knows and realizes this and will make the armor more about playstyle than "I have bigger numbas, therefore I win."
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As long as all the classes get capes, I'll be happy in general.