I actually think "overpowered" exotics shouldn't be changed - not one that I can think of is 100% game-breaking, and I fully subscribe to the philosophy that an exotic should be and "feel" overpowered if used right. This list, then, will just be underused/powered exotics and how I think they could best be buffed.
[u]Necrochasm:[/u] Everyone seems to agree it's underpowered, and honestly I can't think of a single reason not to just use the fatebringer instead, now that they're both maxed at 365. I think the best buff for it would be a new feature to the Cursebringer perk: All precision hits are returned directly to the magazine. This way, an exceptionally skilled player can go on a crucible tear with it, and in PvE it can be used to great effectiveness on adds or bosses (but its short range prevents the boss-shred capability from being too OP). Plus there's already a precedent amongst CE weapons for the Precision Mag Bonus.
[u]Universal Remote[/u]: Actually, the mere existence of sidearms is a superb buff to this one. Leave it as is.
[u]No Land Beyond[/u]: Also indirectly buffed by sidearms, but still cold use a bit more. I would replace mulligan with outlaw, and have the outlaw effect apply to the bolt-action, thereby allowing players to go on headshot sprees with it, but punishing a missed shot. Same sort of logic as Bad Juju.
[u]Hard Light[/u]: Seeing as Dreg's Promise is going to have bouncing rounds anyway, I think this gun could be changed in favor of [i]more[/i] penetration bonuses instead. Specifically, instead of ricocheting off of hard surfaces, the Hard Light Rounds instead will overpenetrate any targets, [i]and[/i] any walls that could be penetrated by an armor-piercing sniper round. With this sort of setup it may actually have a niche in PvP and PvE as the "cover breaker."
[u]Dragon's Breath[/u]: The main issue with this one is that its massive blast radius knocks back any enemies that would be caught in the solar flare; by the time they're done recoiling, the flare's gone, so it rarely gets any usefulness at all (if you're looking for area denial at the moment, Ghorn is still probably your best bet, as it'll get this knockback and higher damage for it). Favorite solutions to this one are either granting it full-auto/increased fire rate (super-burst DPS would make it unique, plus it would be like the name's "breath" of fire) or drastically increasing the flare's duration, making it useful as intended for area control and allowing a higher damage-per-shot than Ghorn on stationary targets (think Gorgons, Templar, etc).
As for Armor pieces:
[u]Radiant Dance Machines[/u]: Exotic perk is hardly noticeable. That said, I can guarantee beyond any shadow of a doubt that this one would be the most highly-sought-after exotic, even over Gjallarhorn, if it gave a buff to the actual dancing animation, such as enhanced speed or some sort of glowing effect. As for serious improvements on its mechanics, I think immunity/resistance to slowing effects/knockback/recoil might be good, or maybe have it spawn orbs of light while dancing (this one's way out there I admit, but it could be an interesting approach).
[u]No Backup Plans[/u]: Currently overshadowed by Saint-14, Alpha Lupi, and really just about everything else too. I'd recommend adding an additional 5 seconds onto its Force Barrier buff; with a max strength build and the "relentless" perk active, this would mean a Defender would get a 5-second grace period in which the force barrier is active but can be refreshed for another 30s by another melee attack. Even in end-game content, being able to tank damage on this scale in PvE would be worth an exotic slot. Plus, in PvP, it would encourage Defenders to behave more like their Striker bretheren, being able to charge headfirst into rage-inducing melee combat.
[u]ATS8 Arachnid[/u]: Currently just helps GG on long-range accuracy, but if a player can spot an enemy at long range anyway, there's no point to this helmet, not to mention if they miss as many as one shot out of three due to range, the Achlyophage symbiote still does better then this by essentially replacing the missed shot. I would have this helmet either increase precision damage with GG, or alternatively have GG's damage scale positively with distance from the target. This could give it real use as the "GG Sniper" it seems to be going for.
[u]Mk. 44 Stand Asidesp[/u]: It's rare that I hear about these, and rarer yet that I see someone using them. Shoulder Charge has plenty of duration as-is, and Juggernaut is underused anyway, which actually brings me to my ideal new perk for this: The Juggernaut shield can absorb more damage and protects the player from all angles (as opposed to just the front).
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Exotics are suppose to feel like there exotic (IE really good.)