I will wait for Bungie to clarify it first but to have 3 level 34 characters go back to level 20 would be extremely frustrating. Makes grinding raids, PoE seem like a real waste of my time. Seems also a bit disrespectful of the effort many of us made to max out gear. I don't care so much about moving on from weapons but I liked acending my gear. I remember when TDB and everyone wearing the same gear. I have my doubts that Bungie would make the same mistakes by making our previous efforts invalid. Have to wait and see I guess. Hope they clear it up in the weekly update.