Its a shame because I really felt it was a game that would grow with our characters but like you pointed out its really just a step backwards since you can't use any of the gear we grinded to get. I don't feel I have the incentive now because I'm sure next big "expansion" will just be a new game.
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I feel you. I dont know if it would have been different, if you would have been required to run VoG to open up the TDB.. Kill crota to get into HoW quests and skolas to be able to start TTK.. But we definetly would have needed the so called feel of progression.