The quick answer is: Nobody really knows. Blizzard deliberately kept a lot of the high-level stuff under wraps, and didn't show it to the beta testers.
However, I think it's safe to say that in any MMO, the top level of gear is going to be looted items, not crafted items. Why? Because the legendary swords, armor, etc. were made by someone whose entire life - their entire existence - revolved around making that sort of item. They didn't adventure; they would spend days, weeks, months, or even years making the perfect blade.
Compared to that, your player character who occasionally hammers together a suit of chain armor in his downtime between adventuring is just a dabbler, a neophyte, a piker. You're never going to be that good - because doing something like that would be really, really boring. =^_^=