A PvE hoard mode where the guardian's exotic limit is more flexible. The exotic limit is now a set number for the entire fireteam, rather than 1 exotic weapon and 1 exotic armor piece per guardian. (Ex.: a limit of 3 means that a total of 3 exotics can be equipped in any combination across the fireteam)
After x successful randomly-rotating rounds, and after a random rotating tier boss, the activity tier will increase by 1. Difficulty ramps up with every tier increase, up to a grandmaster difficulty at y increases.
The exotic limit will always be = tier * fireteam size
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I see this gamemode being a chance to allow bungie to play around with difficulty. I see them being able to experiment with difficulty ceilings considering how broken some combinations could be.