I'm going to wait to see how it plays out before completely weighing in completely. There are possibilities to make this system work. It seems obvious that they no longer want people to omnicraft the highest items... they want omnicrafters to have all the crafts at 60 and in chimera gear so that they can supply themselves base materials but when it comes to producing the top of the line items, they want people specialized into one-three crafts (specializations as well as gear).
As for people saying you're only providing other crafters and gatherer's, it's been that way for a long long time. Other than pentamelded tank accessories and maybe a piece or 2 on BRD, I can't think of any crafter gear that was part of BiS for DoW/M. When it comes to using the crafter gear as quick stepping stones for people catching up and trying to gear for higher level raids/dungeons, we have plenty of patches that they can reduce the requirements of getting these items. I would be surprised if the purified coke etc. line of items weren't blue scrip items by 3.2 allowing near infinite crafting using them. At the start of ARR, the equivalent line of items (coke, animal fat, potash) were difficult/expensive as well, the only thing they ruined about it was the DoW/M jobs supplying the crafter jobs which helped to stabilize things a bit, but you were still at the whims of battle classes if you were only a crafter.
For the gear itself, it could work if SE intends of this gearset to last us the whole of the expansion. In ARR we had to upgrade our mainhand 4 different times, and every other slot 2 or 3 times, all requiring lengthy item acquisition/grinds. If SE were to tune the recipes of 3.1 under the assumption that people have their main hand and body (5 weeks of red scrips) for their main craft (specializations, remember) and the rest is melded chimera gear it would be fine. Then in 3.2 they could tune it to the assumption that people have their main hand, off hand, body, and pants or main hand, body, pants, gloves and boots... etc. etc.
I'm not saying it is ideal and I'm sure it'll be tweaked/eased every patch, and the grinds are still long but it could work if the DoH/L grinds are all front loaded and this isn't just the first of 4 upgrades that need to be completed prior to the next expansion.