I am guessing they will make all old gear ascendable. Doesn't make sense to work hard for exotic bounties etc or raid gear then make it obsolete.I am pretty sure they will do this.
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I think they'd be dumb to stop using etheric light after only one expansion. Being able to level up your vanilla destiny gear/weapons is just too cool. Plus it provides some fun bragging rights. "Where'd you get that helmet??" "Oh, this? From the original raid, Vault of Glass."
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Shows you're a year 1 player. You deserve those rights.
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They will create new raid gear/weapons and exotics will obviously carry over
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Personally I think 365 weapon cap won't increase. Armour obviously will.