I know that often times, developers and gamers alike don't really care what the rating on a game is, but from what I've heard (all speculation of course), is that Bungie is aiming for a "T" rating for Destiny.
If this is the case, which I hope it isn't, it will be a huge mistake. The story for what Destiny is claiming to be, cannot be done justice if Bungie doesn't allow for the grit, violence, language, etc that would come with that setting, it can't be believable.
If the world is almost completely wiped out, and the human race is having to fight several other species in a last ditch effort to survive, you better bet that there will be "F bombs" dropped, there will be people being shot (meaning decent amounts of blood), etc.
Bungie, please, don't let yourselves be held back by a rating in order to get more sales. Make this game an "M" rated game. Anything less would be simply uncompelling and unbelievable, and would really detract from the story and mood that would be present should this situation in this game ever really happen.
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T makes sense for the number of people they're trying to have play the game. if you're trying to keep kids out, it won't work. the kids whose parents don't care will already have the game and they're the ones we already have to deal with. the ones whose parents wouldn't are probably a lot nicer and i would sooner welcome them than the other. honestly, it will probably be the shooter aspect that gets it rated M; all the sci-fi violence can really screw a game over. personally i don't need swearing to make a game enjoyable. but the violence will be present in any shooter.