Activision is not leaving Old-gen players out of Destiny
After Bungie confirmation on space requirements needed for your console if you want to play The Taken King.
Activision just announced that players with Old Gen console like the PS3 and XBOX 360 with smaller Hard Drives can contact the Publisher for a solution.
The solution seems to be a 32GB USB Flash Drive to store the game files on, according to a Gamespot Reader, who got the USB Flash Drive in the mail.
You can find more about it in this article from vg247.com