I think instead of letting everyone actually wear Full Exotic Gear since that probably won't happen, that Bungie could implement a Costume System that you can buy for Strange Coins or Motes of Light that allow players to appear one way but their stats won't actually change.
ie. A player has Logic Singer III equipped (Gloves) in his inventory. He/She can then apply a Costume pallet to appear to be wearing Sunbreakers(Exotic Gloves).
Your stats don't actually change only your appearance. This way players can "wear" full exotic gear without actually getting the stats and effects that they hold. I think this would be a nice feature for players who own a lot of exotics and would like to appear to wear them all.
The Costume Pallets can be sold from Xur on Fridays for let's say 10 Strange Coins/15 Motes of Light per armor piece.
So a full costume set would cost 40 strange coins and 60 Motes of Light.
This will not apply to weapons only armor.
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While this is a good idea im gonna edit if you have the item in your inventory you should be able to equip it as a "skin" like i use my helm of inmost light because i like the buffs but be able to wear my legendary armor with the luki armor skin