To be honest, most of the new armors for the last several seasons have been meh at best. I'd rather they continue buffing weak armor than give us meh armor that just collects dust in my vault.
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I look at it from the 15 bucks a season aspect though. I really don't think playing around with the numbers of a couple of exotic armor pieces is of the same value as a brand new exotic per class. I might have agreed if they tweaked more than what they actually did.
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Between exotic weapons and armor that got buffed/reworked, I'd say the trade for no new exotic armor was worth it. I believe there was 15 exotics total that got buffed/reworked. Plus from the sounds of it we are getting an exotic mission, which according to bungie is expensive and difficult, so that's probably why there is no new armor.