This is how I had originally imagined 10 years of Destiny going. I'm not sure if they would run into any HDD limitations, but I was picturing DLing DLC for the next 9 years that greatly expanded on what was released.
This is what I was NOT picturing; just finishing an epic mission on Neptune, "Hey guys, I need to go farm spinmetal in the Cosmodrome. Ok, everyone take out D3 and put in D1 and meet me in orbit." "Umm, my D1 disc is all -blam!-ed up, I'll have to sit this one out. Shoot some Dregs in the face for me, though."
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I believe D2 will have everything D1 has and more as long as you have save data from D1 (just what I think not confirmed)
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That part would be terrible the hdd limitations are easily over come. The storage options and capabilities of these platform are pretty extensive.