I think that the utility of artifacts could be improved by making them to be more like accessories in RPG's: add buffs, or debuff protection, against PVE content (and PVE only). These abilities are currently distributed with previous raid gear and the like (PoE gear) but seeing as that gear has been put to pasture thanks to being unable to improve light levels, these effects are no longer available in their previous glory at current light level.
So, why not place these abilities within artifacts and also add a few more types of buffs to make artifacts more versatile? Like an artifact called "Praedyth's Memory" that you get through the VoG quest that provides the "kill oracles faster" but at say...290 or 300 light? Or an artifact called "Prodigal Son" that you get via Crota's End that has the "swordbreaker's touch" perk?
Here are some additional PVE options off the top of my head (i'm thinking of one perk per artifact FYI):
* Defeat "X enemy" faster. (The classic Oracle slayer perk and similar)
* Reduce effectiveness of "slow" attacks used by minions of Darkness
* Reduce effectiveness of "poison" attacks used by minions of Darkness
* Reduce effectiveness of "blind" attacks used by minions of Darkness (Lookin' at you, Taken Captains).
* Reduce effect of knockback
* Increase knockback of guardian melee attacks
* Increase stun/stagger duration against "X enemy"
* Resistance against "Energy Type" used by "X enemy" (like void attacks used by ogres, can be really specific)
* Slightly increase jump height (Cue tongue-in-cheek name for artifact regarding hive ship jumping puzzle)
So whereas exotic armor can add totally new functionality to a class, an artifact would just slightly affect normal gameplay including Raid specific content.