If it's anything like the crafting in Vanguard it will be rewarding....but you have to want to do it. Leveling up crafting takes dedication to say the least ( or a few well planned double xp weekends =P ). The idea of harder to gain items resulting in a better crafted product is awesome imho. Crafting in any game should be something that is highly useful ie in Vanguard if you want your abilities post lvl 50 you need a crafter to make them.
Yeah, crafting in Vanguard was great... for people who loved crafting. For the rest of us, it was just a tiresome timesink.
I'm on the fence, though. On the one hand I don't like crafting, so liked WoW's system that is so simplistic and banal that I could just do it and get it over with. On the other hand, I recognized how involved and amazing Vanguards crafting was, and even though it wasn't my think, wouldn't want to take that away from players who do enjoy complex crafting.
I wish there was a better compromise, and think there could be. Instead of designing a set system that somehow magically appeals to everyone, they should just have a system that scales.
Basically, let people skill up as a novice craftman, journeyman, and expert. For people who just want easy crafting to make basic items (that would still be good, like bags), they can just follow the novice path that involves straightforward WoW-style crafting where you set it and forget it and it does all the combines. The, it gets more complicated and more time consuming to the point the expert path is more like Vanguard, involving extra ingredients and complications, but with greater rewards. Want a basic 20 slot bag, you can make it easily enough with novice crafting, but if you want a rare, hard to make 25 slot bag, need to be an expert.
Of course, I doubt it would work unless Trion made it work. People would whine and complain, and mmorpgs games seem to have an inability to put their foot down these days and tell us to just suck it up. Instead, they always try to please everyone all the time and just make features and systems as simplistic and boring, which just makes everyone agree, that the system isn't unfair to anyone, but doesn't exactly make anyone happy.
No matter what, though, if they make rare component items required to create high level crafting, despite it having been in pretty much every game ever, watch, people will whine as if Rift just threw a pie in their face.