I think I made it to 28 before quitting. Took some effort getting there and then when I finally got into a VoG run I ended up with shards and ass towel. I think I got a piece of gear for a different class too. Man, what a mess gearing up was!
Like many here on DGAF that stuck around, I was called upon to walk people thru how to beat the raid many, many times.
The raid itself is awesome, unfortunately, like you said, its payout was few and far between.
With no reasoning other than RNG to blame, you could have one person on your team get EVERYTHING in one raid, and you get nothing but ass materials.
This was the first drop off in player base.
Next was Crota.
The drop off happened because of the artificial difficulty set by not being able to attain the level to complete it in an reasonable amount of time.
The Crota encounter, as well as the deathsinger are all level 31~32.
We started doing Crota all at level 30.
You couldn't do enough damage in the allowed time to take out Crota with a level 30 running sword.
It took a level 31 running the sword to be BARELY able to make it in time before oversoul enrage kicked in.
Hardmode was the same, just that you had NO way to level up to 33, as all the enemies are after the bridge section.
This lead to even more drop offs from the game.
I don't blame anyone for leaving Destiny with the shitty idea of forcing players to be underleveled for encounters.
This always annoyed me, and is possibly the laziest way of making an encounter.