I'm a huge fan of 'transmog' and any system like it as I'm a bit of a fashionista but I can't quite pin down how this system works. Let me explain what I do understand and somebody who's really nice can fill in the holes for me?

So you have an item you like the look of. You buy a 'prism' that matches the quality level of the item you want to glam, then you select the item, hit glamour, then from the list pick the item you like the look of, then presto? Do I have this right? Does this mean I have to keep every single piece of gear I like the look of in my inventory...?