I've a couple ideas for challenge modes that I'd love to see implemented (named after the various comic book eras, because why not?):
Silver Age:
Drops:
Incarnate Shards/Threads are as they were on Live (Shards only outside of Incarnate areas, Threads only in Incarnate areas)
Veteran Levels don't award components (just the badges)
Common IO recipes can't be bought at workbenches
TO/DO/SO drops/availability are as they are now (assuming the changes to early enhancements goes through)
Content:
"Exploits" like /enterbasefrompasscode, /ah, and the temp P2W buffs no longer function
Only your alpha slot functions outside of Incarnate content
Set bonuses have half effect
Receive reduced (no?) xp while teamed with characters not running these challenges (to prevent being carried, could be a toggle-able option)
Perks:
Get a nice, shiny, silver playername (toggle-able, because, sadly, some people are elitist)
Set bonuses function all the way down to 1 (like Purples do now)
2x inf. at 50 (since 50s are hit the hardest by this)
Golden Age:
As above, with the following additions/modifications:
Drops:
No incarnate drops (anywhere)
Content:
No non-cosmetic P2W powers function
No incarnate powers work
Fitness is no longer inherent
IOs have no effect (use SOs or HamiOs)
Reduced xp while teamed with Silver Age characters, and NO xp while teamed with non-challenge characters (again, could be an option)
Null the Gull can no longer change your alignment
Perks:
A nice, shiny, Golden playername (again, toggle-able, for the same reason)
Legacy (SG base) salvage drops (I miss the flavor those added to the mobs)
3(4?)x Inf. gain at 50
These are, of course, just rough outlines, and can stand to have values tweaked (or entire rules added/removed). The goal of these is to "legacy" a character, and make it feel as if you were playing an older version of the game. Silver Age is supposed to feel like you're playing after Incarnate content was introduced, but before the Praetorian War really heated up. Golden Age is supposed to feel like the game did before IOs were introduced (waaay back in Issue 9), but after CoV was released (so ED is still around).
Also, a note on badges/veteran level rewards -
While I'd love to see badges for these, there's no way any Badger (myself included) would be OK with that unless you could "opt-in" with an existing character. I'd say Null would enable these settings if you meet all prerequisites (like having no IOs equipped on a Golden Age worthy character). Doing so would cost you as many Threads and Empyrean merits as you got from your current Veteran Level. When you Opt-Out (and leave the challenge) by speaking to Null again, you will be granted as many Threads/Merits as you would have gained through leveling (as if you weren't on the challenge).