Obviously when I say enchanting system I am talking about the materia system they put in this game. The reason I say it is terrible is not because you have to disenchant gear for random materia used for enchanting (I find that annoying, but it's not my main gripe) but instead it's because the whole point of enchanting gear is to give you the ability to customize your gear to your preference.
First off, they introduced stat caps on gear. Why would they do such a thing? If they wanted to limit the stats on gear, instead of saying you can only have x amount of a stat on an item, instead allow only certain gear slots be able to have certain enchants on them. Like, only chest piece and gloves can have str/mnd/vit/ etc and all other pieces can only get any secondary stat on them - any amount of any secondary stat. In other words if you wanted to put 20 skill speed on an item, go for it - if you wanted 10 skill speed and 10 determination, have at it. All their current system does is ensure that everyone ends up with the same stats with no customization. The only variance on gear would be if someone overmelded a stat and ended up not getting the full benefit of the enchant.
Now if stat caps weren't enough, dungeon gear can't even be enchanted. Who thought of that brilliant idea? Why would they want everyone that gets end game gear to have THE EXACT SAME STATS? Where is the customization? Why would you NOT allow people to enchant any piece of gear? What is the point of having a materia system in the game, if you can't even use it on end game gear? The enchanting system in this game is flat out horrible.
Anyway, for those of you that say, "people would do the same enchants on their gear anyways because it is best in slot" that may be the case for many people - however, it allows you to have choice on what kind of stats are on your gear. It allows people have different builds like maybe someone would like to have a crit heavy build vs a determination build. Perhaps the determination build would come out a bit more on top in terms of dps, but someone may like to see big numbers as opposed to smaller numbers. So while most would go the way of determination, at least people would have the OPTION to try to have a different playstyle.
Actually the kind of system I enjoy is the WoW system. I used to spend hours re-enchanting/gemming my gear and hitting a target dummy to find out what the best set up was. I would try all crit, all haste, a mix of them, and other combinations just to see what would give my guy the best dps with my playstyle (many times I would go against what was "best" and would way outperform people with the normal setup and regularly was in the top 30 in worldoflogs.com without best in slot gear). Anyway, that is missing from this game - once you get your gear you are done with it, you don't think about it anymore. You can't say "maybe a heavy skill speed set would be better than x set" and then try it out. Instead, you have no choice in the matter. And not having a choice is never a good thing in an mmo.