Yup. A lot of the ornaments clearly change the look of an exotic, but some are clearly just shaders. Most notably the one for Vex.
How much you got on Ghorn's being the Iron Ghorn?
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They actually have models that could be used for shaders in a exotic put on a different primary exotic then you used to be able to inspect an entire shader in the inventory
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my ornament was practically gambit chrome D: