It does not matter how much you do to improve anything or how great that expansion ends up being. Most of your player base left will leave and most will not come back. Resetting power will be the singular most devastating thing you could do in December.
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While I agree, I do not see bungie reverting this. They seem to be focusing on how much time it takes to grind and using that as a engagement metric. Although clear though would see that forcing players into and artificial grind just to up hour played is way worse than making the game fun and enjoyable so players want to spend time in game. Bungie has no clue, no clear direction and no vision for the franchise, so it is what it is at this point. JUST BAD!