As someone who has been very critical of Bungie for months now, this was more than I expected. Not what I had hoped for, but it's still something. I'm happy to see that it seems like it will be more than just throwing on another challenge mode onto the only raid that has value in year two. I'm happy to hear we'll finally be getting some more gear.
Sure, it's not an update to the old raids/PoE, and it's not them blanket allowing us to upgrade all year one gear to year two levels, and giving us back all the exotics they held back moving into year two. But it will potentially be a lot more than some of the "events" we've gotten thus far. It sounds like it will actually be something with some impact. I'm really hoping this will turn into something that will give me reason to play again; something to aim for that doesn't feel pointless like 320 was/is.
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Tbh we don't know what it isn't. We can assume there's no new raid, but until Wednesday we really don't know. And even then, we might not know everything until the release.