If essentially you are getting a brand new exotic with new perks/elemental then its awesome....if you are getting an exotic that gets a slight buff in damage but all the same perks, then its quite lack luster and grindy.
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It's the later. They are not going to change element. It's just damage buff of 23 and you have to pay 2 exotic shards and then fully upgrade it again and then pay1 exotic shard to finish the last upgrade
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u r getting both options, they r releasing new exotics that u can get or u can upgrade ur old ones so they still have meaning. so no its not lackluster its awesome.