I was just wondering what Destiny Data is actually on my console (as opposed to the cloud)?
Also, in addition to the general question, I had a specific one: Where is my character info and progress data stored? If a PS4 hard drive were to fail, would you have to start everything all over again?
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Yeah, all your character info/progress is stored server-side. You can switch between consoles seamlessly without losing anything. The only thing stored locally is the game data. If you had a hardware failure, all you would need to do is install the game on a new console and log in with the same account and it'd be like nothing happened.
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All your destiny stuff should be saved in online servers, if your ps4 broke and you got a new one, your same stuff will all be there