Yes, but The Taken King is bringing dozens of new Exotics and I don't know how many Legendary's. There's soon going to be no space in the vualt for those that want to collect everything and keep what they've already got. Vualt space should expand with expansions since they add multiple weapons and pieces of armour. Actually though, Deej said in an interview that they'll be addressing vualt space and informing us shortly before the release of The Taken King so people should probably stay chilled.