Kapowaz over in the DBO forum summarized the feature on Destiny from Edge Magazine. It seems the game will feature named weapon drops, like Borderlands, as well as weapon models generated procedurally from ingredients, perhaps like the weapon mod system from Mass Effect.

The article seems to soft pedal the possibility for solo play, kapowaz says, even though it has been recently confirmed that players will not be forced to play coop if they don't want to.