Ok so the only way I can get a hold on how massive Destiny is going to be is to compare it to another game. That game is EVE online there are so many ways in which the new theories/speculations about factions & the players ship remind me of EVE or at least have enough of a similarity to compare the two.
Ok so first up - Factions: I think the vanguard might be some sort on npc controlled faction similar to concord in EVE i.e. if some players are having a bit of trouble defeating an enemy in a certain location npc fire teams or players in the area will appear to help the players in a vanguard faction mission rather that the players chosen faction mission. I believe that when a player chooses a faction it will mostly cosmetic and not affect the story however there might be some differences between factions missions I imagine these would only be slight though maybe the same mission but different enemy's or location?
I'm thinking there may be a faction chat for any players in the same faction in close proximity to each other so that when none of your clan mates are online you can form a fire team with other faction members. I would like to also see clan/fire team chat (I think xbox live parties/groups would take care of this) and a local area chat so players can communicate with others to trade or ask for help.
Secondly - Players hanger: I think the layout and style will be almost identical to that of EVE with the ability to walk around and customise your characters appearance, purchase items (player auctions for unwanted loot), upgrade the players ship & find new missions/progress with the story.
Sorry if this seems a bit slap dash but the more I think about it the crazier my ideas get and it just blows my mind. I could be way off with some of my ideas bit I just had to get all these ideas out of my head!
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Destiny is a game, not a chore. :P Silly EVE.