The servers will crash and you will spend the entire day groping your game case and most likely doing inappropriate things to it since you won't be able to play the game.
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#Destiny
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They will be fine plus Xbox one uses have to wait ages because of disk download :p
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Meh maybe but I have faith that Bungie will have things sorted already or at least quickly and if not I will have the whole day to pour over my arms and armaments book and the other tidbits you get with the LE of the game.
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Honestly I think Bungie will be decently prepared. They did stress tests and closed off servers during the beta, smushing as many players into as few servers as they could. I think they'll have a handle on launch day, not that some issues might pop, but I bet they will be minimal.