As a fan of the original it would be nice to see Type 1, Type-2 and Type-3 phaser variants and the TOS Disruptor Pistol, avaliable for purchase from the Fleet Store.
I have to say, I don't hate this idea.
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I agree. I'm not sure if STO has player-side only graphics capability (In other games such as WoW, spell effects tend to be rather flashy, so the spells visible to other people are tuned down to avoid FPS loss), but I would love to see this back again. The main complaints against it were for PvP and Lore reasons (pink phasers were a common complaint).
Both are excellent reasons as to why it isn't around anymore, but I'd love to see it again as a self-only graphics option.