We will be pushing a patch live tomorrow. Players will be required to log in to Destiny again after returning to the title screen to install the patch. You should not be removed from any activities you are currently in.
IMO Limited Space = having to pick and choose = more personal value to each item. Which ones are more important to the individual, instead of "everyone has one".
Some people might keep the first Gun that helped them beat a particularly difficult boss, others will be all about min/maxing. I would like limited space, that will expand over time in sequels.