Personally they need to implement 2 more items types in mind. The next being epic/legendary/etc and then relics after that. I think it should be:

Common (white)
Uncommon (green)
Rare (blue)
Epic (insert color here)
Relics (red/orange)

Before relics we need another item type in my mind.

EDIT: Oh and sets w/ bonuses which could be the epics which could be tied to jobs I guess.