Look, here is all that we know about the vanity system so far:
-The system is called "Mirage Prism"
-It's SUPPOSED to come out at the end of this month (lol yeah right)
-Crafting may play some role
-A warrior will not be seen wearing something like a mage's role and vice versa

No further details have been released. Really wish they would though, as this system is pretty much the make-or-break factor for if I'll be upgrading to the collector's edition.