Heh, we had the opposite experience. I ran some of the new content - mission, strike and PoE - and didn't get a single item that increased my light, and was left wondering what the path forward was. Granted, I only played twice.
Micro-transactions are no longer cosmetic only, but even with the cosmetic ones, it's a very poor implementation that impacts what is otherwise a neat feature, making what should be a one-time acquisition into a consumable, tied to throttled boxes of loot which are also for sale (with non-cosmetic gear). I was horrified, but I don't know if that's walked back or gone further in RoI.
Re: progression. Insofar as it matters (which es extremely little tbh), Light Level is easier to climb than ever. Faction Rank packages (top out at 330 Light), Exotic engrams, King's Fall drops (which are 100% guaranteed with the easy Challenges), and random Challenge of Elders reward screen drops (which have no weekly lockout) can drop gear up to 6 Light above your current total Light level, all the way up to 335. Plus the Elder Sigil gives a guaranteed +6 Light (up to 335) Weapon + Armor if you complete the score requirements (takes 2 runs / 20 minutes and is actually fun when the modifiers are good). There's also Heroic Strikes, which have a roughly 1/5 chance (anecdotal, my experience) of dropping Strike-specific loot which is also +6 Light up to 335. Then there's Trials, Iron Banner and Shaxx bounties for PvP types. Since April, you're basically rewarded for playing however you want.
As for the Sterling Treasures: you can get 3 every week (one is automatic, one for winning a game in the weekly Crucible playlist, one for completing a L41 PoE) without paying, and they contain Level 3 armor and/or one of 2 ships along with Chroma. This is all basically cosmetic gear. Technically you could argue that armor pieces aren't cosmetic since they are functional, but we're talking 3 pieces of 3 Light armor a week - you'll get 10x that in a week for regular play. Sterling Treasure is the kind of thing that, whether it's sold or given away or locked as a reward for an activity ends up being kind of the same thing - cosmetic stuff that basically nobody cares much for? At any rate it's going away next week (and replaced by a similar system where you have in-game chances or the Silver payment route for cosmetic rewards).
It's a shame to see you've been turned off by the game. Other than my by now tired gripes of Y2 downgrades (which are basically all PvP centered), the game's economy and progression systems have never been more rewarding and flexible than they are now. It's truly a great time to be playing this game - despite my PvP misgivings, probably the best the game has ever been overall.
Is there a bulleted list of everything we're getting here?
X missions
X PvP Maps
etc..
I did see someone post this map of the new version of the cosmodrome:
Off the top of my head:
4 PvP maps (= to HoW)
1 new PvP game mode called Supremacy (basically Kill Confirmed)
1 new Strike (= to HoW) + reimagined vanilla Strikes (like Sepkis Perfected)
1 Raid (= to CE)
1 new "Arena" ish activity called Archon's Forge
1 new Social Space Felwinter's Peak
1 new location called Plaguelands
A new enemy type
New (unspecified # of) public events, story missions, quests
Unknown # of Exotic weapons and armor. We already know of 4 Exotic weapons, which is what TDB gave us and more than what HoW did.