Honestly, I totally get that most of this should've been in the game from the start and that's a view I 100% agree with. But it ain't going to change where the game is right now, so rather than keep focusing on what we should be getting i'm trying to look at these updates on their own and make an opinion on whether or not its a worthwhile game to play without comparison.
January (recently just received)
My view so far is that whilst it isn't gamebreaking, it really has added some depth to the regular events, especially Iron Banner. The Armour Masterworks is something that most people were wanting and is as close to the 'God Roll' solution as you will find now that you can re-roll stats of each armour. The Raid perks from what I've read so far are extremely advantageous in the raid now and a great addition to help teams get through it but also to re-think their gameplay as some stats are linked to which gunslot you use regularly. They could've added perks to benefit other activities (i've banged on about this since people wanted raid perks) as then you could see more use in them. A really good and solid improvement (for a change).
February
This feels like not much of an update to the actual in-game enhancements as most of the updates are from the web development team working with the companion app. I can't knock those changes and the only reason why these are coming and are the main focus is because the updates are done by a different development team. You can see they've added some unique loot to Nightfall, which is great - it needs to be all strike specific loot imo. I think as February looks less full of game updates, they added it in with that asterisk because they probably predicted some backlash about how Feb would be received.
March
6v6 Iron Banner. This makes me really happy. One of the key parts we all missed from D1. Here's hoping they extend to other game modes and not keep it time-restricted. The larger community was hoping for the sandbox in February. I really don't know what to make of it really - whatever happens, it feels like people will argue that whetever they've done has broken the game due to what's already happened. Strikes will come more relevant in this update with the modifiers but if unique rewards haven't come in Feb they must come with this update in March for all strikes. Nightfall challenge cards sounds decent.
May
It's now been confirmed DLC2 drops at the same time as this update, alongside the new Season 3. Crucible rankings and Private Matches are really needed to give Crucible a purpose. I think its still too vague to say if it will be a good update but as DLC will drop at the same time, this is possibly the perfect time for most people that want to come back to a shitload of changes and have a larger pool of stuff to grind. Also, we will get the 2nd raid lair so 3 raids to play by May.
I really hope this game starts to deliver now. We all miss that one game to bring everyone together. Its still a solid shooter, maybe the break might give people the air they need to see this game turnaround. Just hope to God they deliver these succesfully AND give us more stuff to have fun with (they still haven't mentioned Crimson Days, hidden quest-style stuff to find and new co-op activities, all of which have been confirmed).