TTK's main campaign was beautiful but it was like 3 hours long.
3. Real horizontal progression since, via Etheric Light, *everything* was viable and automatically maxed as opposed to this animalistic sacrificial ritual of infusion
4. No reliance on luck for an optimized loadout - you could re roll to your heart's content until you had your gear set up just the way you wanted it
YES. These are my biggest complaints. I loved being able to upgrade gear which I thought looked cool & had perks that fit my playstyle, but that went right out the window with Year 2 and the "light chase". I was (and still am) equipping all sorts of gear that I hated just for the increase in light level. It's *ahem* taken me up until now to the point I can start doing actively choosing gear based on looks/perks.
Which brings me to another point...
The game is worse, significantly worse, than in year 1 because the endgame is less diverse, less rewarding (and the rewards way shittier), and less attractive to run than it used to be.
I would argue that the "live events" (Festival of Lost Souls, SRL) prevent Year 2 from being categorically worse than Year 1. Sure, not everyone may like them, but at least they're new and different experiences with new gear.
However, I run into the same problem you mentioned in point 3. Most of it is just worthless. I can't run around in an Atheon Mask and SRL racing gear since it drops my light level SO MUCH. To make matters worse, even though I'm quite comfortable in the gear during patrols and crucible, I still need to equip my best gear since rewards from activities drop based on your CURRENT light level.
Sigh....
Year 2 did add the quests, which while not as engaging as they could be (why aren't those rewards better tied to your level?) at least it gives you a lot more to do after the story.