I've seen this misperception a couple of times now .. (not singling out Serpent.. yours was just a convenient one to quote

)
Bound Items will still take damage. Its just that they won't take
permanent damage. You still have to repair your dragon armor - which still means farming relics* - and you still have to repair all that uber raid gear you have.
* and you'll be farming them more often than previously .. My cleric's dragon armor has had about 15% total damage in the 2 months she's been wearing it .. and we're talking about the black armor getting chewed on by those uber-hasted rats in the orchard every couple of seconds! So 10% each time you die is a huge increase in damage - even if its not permanent, its still more time you'll spend farming relics for repairs.