Great news Destiny farmers, the latest patch did not nerf all the farming locations in Destiny. In fact farming just got a whole lot better thanks to the latest patch 1.0.2 which removed the randomness from the Engram equation. The new 'Loot Cave' 2.0 has not been patched and farming is now more lucrative than ever, that does not mean that it wont get patched up though, so enjoy it while you can!
The one at Skywatch has been patched with longer spawn times , there is a few other locations that are though, the favorite right now seems to be on Venus.