Personally, I'd prefer to have an extremely modular ship, just because it would be simpler to design than some kind of Forge ship (even if it is more limited).
EDIT: Helpful link from DE4THINC4RN4TE
[url]http://destinypedia.wikia.com/wiki/Spaceships[/url]
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They confirmed that their will be customizable personal spaceships in Destiny. I'm curious as to how customizable that is though.