Not sure why this is not an option. I would have probably bought more than one Ornament set (especially the Star Wars ones) if I was able to change the appearance of my exotic armor.
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I'm fully in favor of allowing universal ornaments on exotic armor pieces. I’d be fine with paying 500 Silver(+) for that, as long as I’m not forced to wear a strong but ugly exotic. This would be great for players and could also bring Bungie some extra revenue. Who knows, maybe people would even buy more ornament sets if they could use them properly. Regarding PvP: If I’m not mistaken, exotic gear is displayed at the start of Trials matches anyway—so you always know what your opponents are using.