That's the whole point... LOL. They even said they were worried about the economy, so did you think they wouldn't have added a trade off to the patch? If they allowed all Legendary Engrams to be Legendary or Exotic upon reveal at the old drop rates, everyone would be fully decked out a day after hitting level 20. That leaves nothing to work for.
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Yeah but they can get decked out doing queens missions now for at least two pieces of legendary armor. After that why even do queens missions?
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Legendary Sniper apparently. But in truth Queen's Wrath doesn't give very good armor; it's just nice for those who haven't gotten lucky with Engrams. This is why they nerfed the Shards from the Queen's Wrath armors. They're attempting to protect the "economy".
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Old drop rates? I used to get 1-3 legendary drops a day. I haven't seen one since the patch.