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It should be the Taken King packaging with vanilla Destiny disk with no taken king art even on the disk, per unboxing vids.
Wright seems to think that the "new disk" will have content that's not on the old disk, but even still once you put the new disk in and download said content thus rendering it equivalent to the "old" disk.
Disc based games want the discs in every time you play for "verification purposes." Be careful before you ship it out that all the content works because you could be locked out if you do it that way.