I would say Bungie can't possibly be stupid enough to make X decision then they go and do it anyway so I'll say all current Y2 content nerfed and capped down to 200 light and new light level of Y3 gear is 365.
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"Make X decision then go back on it" has been the story of the past two years of this game. They won't delete your characters (the face/hair choice) and they may not delete your inventory/vault from underneath you. Everything else? Up for grabs. They may turn right around and being back rerolling and ascention, they may lock all TTK gear. We really won't know until tomorrow and even then there's a 20% chance whatever Deej says tomorrow will be false information by the time it launches.