Loadouts not pulling from vault has made them no big deal for me. I find it way easier to just choose what I want manually. No custom name makes remembering the mods on each loadout horrible.
I'd probably find them more useful if you could choose icos and names for the loadouts IN Destiny rather than only via the companion app. And custom names at that.
Sucks that they're down for people that use them a lot though. It's clearly annoying players.