I have a friend levelling her alt, and apparently it's working as good as the aetherial drops from the low level dungeons. So its actually better than what its lvl requirement and ilvl suggests - for the lowbies, it may be good news.
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It's not a vanity tab but a transformation. You transform (for a fee) the shape of the weapon you are using with the one you like.
There was a couple of posts about it on the japanese to english translation thread.