Just an update...so I received a gift card large enough to get the DLC. I swore I wasn't going to pay for it myself the way Bungie has treated fans. However, since someone else paid for it I went ahead.
I admit, this is an improvement. This is how Destiny should have been from the start. I like how they handle weapons, upgrades and light levels now. They deemphasized what character level you are which is the right thing to do since the weapons and armor should determine the strength of the character. Also, the story is much more thought out this time around. Also, I like the idea of quests versus simple bounties. It's much more engaging.
Not everything is perfect. Like I said, the Ghost still sounds like a Smurf and the "abandoned quests" for example force you to replay old strikes at an annoying low difficulty level. However, there is enough new strikes and quests to keep you busy and it feeling like it is somewhat new. Plus I heard the raid takes anywhere from 4 to 6 hours to complete.
So, is The Taken King worth $40? I still say no. Yes, it's a great DLC but I have played plenty of games with GREAT DLC that didn't cost me anywhere near $40. The fact that Bungie fixed their screw-ups and marketed as a reinvention (Destiny 2.0) is a joke to justify the steep price. If you're a die hard pick it up...if you're on the fence wait for the price to come down.