It's too bad they didn't implement that system into the game itself, rather than only on the developer's end. Where by using different materials and decorations, you could completely customize a set of gear. That would have been very cool.
A basic recipe, which you can then alter the colors by using dyes, different metals, etc. Then the decorations, like a crest on armor, or a gem, or an extra flair on the shoulders (as seen in that video) could act like bonuses. So while the decorations would not be necessary for the item's creation, they would have some benefit and would further customization.
If they had done that this game would easily have had the best crafting system out there.
That would have also worked very well with a de-synth system, where you take apart an item and recover it's components. De-synth a bronze chestpiece, replace the bronze bits with iron, re-synth it into an upgraded item and smelt the bronze back into ingots.