This is what I've out toghether so far from reading around the intertubes.
Max light level of 385 at launch. Increases to 400 when the new raid and hard mode launches on 23rd September. All Year 2 weapons / armour can be infused to the new levels.
New raid is called Wrath of the Machine.
Archon’s Forge:
This is a new Court of Oryx / PoE style mode .These encounters are longer than the Court of Oryx encounters, and are triggered similarly with items found in Patrol (possibly the Dormant SIVA Clusters seen in the recent Cosmodrome walkthrough)
Strikes:
Sepiks Prime and Phogoth strikes are back and reworked (Sepiks Perfection and Abomination Heist)
New items:
- New Vanguard, Faction and SIVA themed weaponry.
- Thorn is coming back and will have a quest line like the Gjallarhorn.
- The Kvostov is back as an Exotic with a ridiculous amount of customisation. You can adjust between single shot, burst mode and full auto, and apparently change the rate of fire also. Acquired from a quest.
- New Faction armour, Ghost shells and Sparrows.
- Exotic Warlock boots are finally arriving.
- The new Iron Lord armour set will come from a Rise of Iron Record Book much like the Sparrow Racing/ MoT books.
- Every Class item that has been released (bar the old raid specific drops) will be available, and shaders will now affect them.
Changes:
Iron Banner has been changed. The Tempered Buff has now been removed as has the Reputation boost from the armour / class item / shader combo. Instead there will be bounties (ala Trials) which drop IB specific armour / weaponry on completion.
Skeleton Keys:
Strike Hoard chests will appear at the end of strikes that can drop strike specific loot. Skeleton Keys can be used to open these chests to guarantee a loot drop (e.g. Flayer Mantle from Dust Palace) Keys are dropped from completing strikes from any source (director, playlist or Nightfall)
Ornaments:
These are a new aesthetic customization feature that allow you to modify the appearance of armour and Exotic weaponry. I hope they work as a vanity item to change a god awful looking armour piece with good stats to something hallway decent looking.
In addition to being able to earn Ornaments from Radiant Treasures (the new equivalent of Sterling Treasure) from playing the game, they’re also available from Eververse via micro transactions.
Crucible Modes:
Crucible has a new mode called Supremacy.
Killing opponents drops a crest. The team only scores if someone picks up that crest. Enemy combatants can deny your score by picking up a dropped crest themselves, but only score by picking up YOUR crest.
I'm excited!