I really think it'll depend on the relationship between visuals and stats. You know how, in diablo, there's a relationship between the abilities of an item and it's name? For example, you might have a pair of boots. If you find that same pair of boots that deals damage back to an attacker, they are now called "Spiked Boots". If they deal damage back, and generate light, they are called "Spiked Boots of Light". In this way, you can tell, at a glance, some of the abilities of equipment without actually looking at the stat card. What if the same is true about the look of items in Destiny? What if the equivalent of "Spiked Boots" actually has spikes on it? Should you be able to just add spikes to the boots you want, if they don't actually deal damage back? Or on the flip side, should you be able to hide the fact that your boots reflect damage from other players by making them appear as if they don't? I don't think so. Now, assuming there are no visual queues to the abilities of an item, I'd say it's fine. But I'd actually like the abilities of items to be represented in their look, and lose the ability to change it.