Exposure is a dumb modifier. It tries to make Destiny more like other RPGs that feature health potions/med kits to heal the player by drastically reducing health regeneration rate but increasing total health. Except the Destiny equivalent of health potions--Red Death, Life Support, Life Leech, Invigoration, Better Already, and other perks that start health regeneration--don't do diddly squat to help with the Exposure mod. My question is why? Red Death, an exotic that revolves around it's life stealing ability, is completely useless with Exposure active.
I know that despite the description of the modifier, shields do still refill albeit at a snail's pace, but waiting for your health bar to refill that way can take 5 minutes. Yes, you can also die and allow a teammate to ressurect you, but who wants to play like that?
Make the health regen perks work as intended with Exposure on but keep the super slow recovery stat, so if you get a kill with Red Death your health won't be full in 2 seconds. This way players won't be able to abuse their huge reserves of health, regen perks will be useful, the Exposure modifier will be less annoying, and Red Death's exotic perk will be something to make the weapon worth using.
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Pay a little more attention to your health bar; they already do work.