I think crafting ruined this game for good.
Rant over, goodnite guys!
I think while people initially like crafting chest, shoulder, ammy, etc. it will hurt the overall economy, since they are boa and can roll bis. I think this will throttle trade in the AH, except for the items that are not newly craftable - weapons, rings, etc.
To me, two things make D3 worth playing - the level grind and the gear grind. PvP will help when they introduce full-blown structured PvP games. However, it seems to me like they offered a shortcut to getting high quality gear (the cost to make this potentially bis gear seems extremely cheap). Yes, people like getting newer and better gear, but now they can get theoretically bis gear in 5 slots overnight, making the adrenaline rush of getting better gear happen much more quickly and be much greater in magnitude than what has been typical. And when you get that quick, high rush, you want it more often. But it won't be available because you now have less opportunity to achieve that rush.
And I also liked playing the AH. I don't think it is a bad thing to teach gamers the fundamental lesson of economics - buy low, sell high. And I'm sure Blizz likes the AH (the RMAH anyway), since it put money in their pocket. So I don't see how this new crafting is healthy for game long term, for the in-game economy and for Blizz's pocketbook.
My thoughts anyway.