Great post! But yeah, there is no trading or selling off your loot. Bungie says this is to promote adventuring and earning your own gear, and crafting a legendary story around that. It's definitely a new angle for a loot game, and we'll have to see if it pays out.
Overall it sounds a lot like what we had in the "alpha". Which isn't bad, but it's definitely only an appetizer, not a main course like so many people were expecting, apparently anyway. I've seen a number of people up in arms.
I am completely satisfied with the amount of content in the Beta. Wouldn't want to invest to much into the Beta only to lose all I had gained when the full game releases.
I am a little concerned for the loot. If I happen to pick up a rare item I don't need, I can't give it to a friend who made need it. And that friend may have to try 100 more times for him to get it. I probably won't have the time to farm the rarest loot and unfortunately I won't be able to trade for it with other users.
On a side note: Something I havent tried, is looking at the loot orb on the ground to see if you can see what it is. That way if its something I know a friend needs, maybe I could have them join my fireteam and pick it up. Not sure if thats possible.