I had just finished the last thing on my majestic solstice Titan armour. I went to meditate at the statue in the tower just to find out that my gear which was 1318 prior was now at 1152.
And no I don't have any other gear at 1318 (except a chest piece), the solstice set was my best and it's now my worse. With my best gear on I'm at 1292 gear (My titan is my tertiary character so i don't play on it much).
Both my Warlock and Hunter were fine and got the proper gear power.
The Twitter link is a picture of the gear.
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Im having the same issue, my magnificent dropped at 1100 instead of 1316