Here's the link if you want to look: http://www.reddit.com/r/DestinyTheGame/comments/36rdcm/survey_let_us_settle_the_treasure_chest/

Lvl 32 is where you want to be to be getting the initial armor upgrades. With the exotic upgrades being exotic shards, anyone who can finish a 32 PoE should be able to get to 33 pretty quickly. Assuming that you don't need a specific rep level to buy the weekly pieces.

I haven't talked to a single person that didn't get an exotic with their first key. I think that each week may have a guaranteed exotic for your first key used, but obviously I don't have enough data to confirm this.

I got an exotic for my first, plus a legendary.

I am not sure if you get better chances from the big chest on the higher difficulties or not.

The details on this part seem a little fuzzy at the moment. Part of me wants to think it is a better chance on higher difficulty, but so many of the people I've seen open it even on 28 have gotten exotics that I think the loot rarity is pretty much nightfall-level even there. I don't know how much better chance we could get without exotics being literally guaranteed (which is obviously not going to happen). See below for a thought on this...

Bosses can drop keys on 32 or higher.

I think that part's the key (c wat I did thar?) to the loot rarity. Since you need to run it at higher difficulty to get keys to drop in the first place, it sort of evens out.

And yeah, I know the Wolf packs would seem to throw a wrench in that idea. But, since they spawn relatively infrequently and you're not guaranteed a key from them (I have seriously only seen a single key drop in my time running them), I see that as Bungie's way of providing a less challenging but more time consuming route for people unwilling or unable to run the higher-tier PoE instances. And that's probably a good thing as long as they can keep the drop rates at a level where it's not MORE productive to run the easy way.

This was confusing, and could have been a little clearer in the reveal or at least a weekly update or something.

Part of the fun of the chase is figuring it out.

Rev like the Bungie that throws him in an area, give him a tool, and says "Figure it out".

Rev does not like the Bungie that gives him a road map with all the things in order he needs to do.

It's a huge reason why I'm so engrossed in Bloodborne- I forgot how good AAA gaming can be, when it's not trying to hold your hand!

You get the rewards listed on the activity guaranteed, but once per week on a lockout like the raids. Except level 28 which looks like you can get it as many times as you want.

The big Treasure Chest is opened with a key, and you can get that as many times as you have keys. That's I think where the chance for exotics and stuff is. I got a Truth by opening it. I am not sure if you get better chances from the big chest on the higher difficulties or not.

Bosses can drop keys on 32 or higher.

This was confusing, and could have been a little clearer in the reveal or at least a weekly update or something.