As of now, Etheric Light is the most useless drop in the game. It has no purpose and does nothing for you; you can't even turn it in to the Speaker for Glimmer or Motes. But, what if it had a new purpose? I was thinking a while back about how nice some of the Rare armor sets in the game look, and how much it sucks that I can't wear them without handicapping myself. And then I thought about Etheric Light; purposeless and useless Etheric Light. But then it hit me; what if that oh so useless Material could be used to upgrade a Rare armor piece/weapon into a Legendary weapon? It would give Etheric Light a purpose and double if not triple Armor Customization. And just for balancing reasons, Etheric Light would only change gear from Rare to Legendary; and not affect Dmg/Dfns values. Upon upgrading the gear to Legendary, its Dmg/Dfns value would stay the same: so that 287 Rare helmet stays 287 upon upgrade, but now you can actually Infuse it to a higher value.
Come on, you ALL know you want to wear a Legendary Seraph I armor set.
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That's the best idea I've heard on this forum. Good stuff.