Wow. That's a LOT of loot waiting to get picked up.
Update 9/16: This spot is all well and good, but there's another place, on the moon, that lets you rack up engrams much faster.
YouTube user Completionist found the perfect spot on Venus to sit patiently as mobs of enemies roll in, ripe for the killing (he says Mars at first in the video, but that was an IRL typo). It looks like it's granted him a decent amount of high-level legendary and rare weapons in the process, not to mention all the glimmer you can turn the rest into.
Fast forward to four minutes and thirty four seconds in if you need instructions on where to find this location.
Note that you likely won't be seeing the same field filled with green and blue orbs as Completionist has here until you've spent a copious amount of time farming out in that spot.