I'll keep this as short as I can:

Every random item has the potential to have three things (4 is you count empty sockets):

Bonus = Bonus Augment slot (Bonus Augment Comes in +1 to +X Varieties)
Prefix = Prefix Augment slot (every random item prefix becomes a prefix slot)
Suffix = Suffix Augment slot (every suffix becomes a suffix slot)

These slots would be collectively known as "Random Effect Slots" and function in a similar fashion to the Color/Colorless slots with the following exception:

1. Removing these Augments from an items costs PP equal to Enchant Level of Affect x 10,000 (IE. Removing +5 would cost 50,000 PP, Removing Feather Fall would cost 10,000 PP)
2. Augments, once removed, become BTA on Aquire. (you must sell the ITEMS, NOT the Augments)
3. Items that you have removed and slotted Augments into become BTA.

Example: A +3 Holy Longbow of Pure Good has 3 slots; the +3 Bonus Slot, the Hold Prefix Slot, and the Pure Good Suffix slot. Its also has the potential to also roll an empty COLOR/COLORLESS slot just like all current random loot.

To remove the +3 and slot in a +5; remove the +3 and the item becomes BTA (bound to account), it cost you 30,000 PP to remove the +3. Slotting in the +5 is free, however you did need to remove a +5 from another item, costing you 50,000 PP. You now have a +5 Holy Longbow of Pure Good, for a total cost of 80,000 PP in removing and slotting Augments.

What this solves:

1. Random Loot now becomes more valuable, as "rare" prefix's and suffix's will be sought after. (potential economy boost)
2. Future Proof "Crafting" System. As "new" random effects are added to the effects table, no need to go back and redo Cannith crafting again and again.

Potential Problems:

1. NEW Players may be barred from using this system due to the cost in PP is beyond what is readily available to new players. One would hope that this issue can be offset by new players taking advantage of a potential new market for items, as even low level items have a chance to have effects people want to remove and move to a new item.

2. Too easy to craft exactly the item you want. While this is true, the "Ease" of crafting items will be directly reflected in the drop rate of effects and their availability on the market. Right now, the AH is not exactly overflowing with "Good" random loot, as most of it is just vendor trashed by IMO the majority of players.

3. Invalidates "Cannith Crafting" : So what to do with the existing Cannith system? The players who poured time/money/effort into gaining "crafting" levels? Well.. honestly, I don't have a good solution for that. I suppose you could tie the ability to remove "Random Effect" augments to the XP levels. But IMO I think it would be better to give players who invested in Cannith "Something" as an "apology" and just be do away with Cannith Crafting and everything associated with it. (or, leave it in place but any "new" item made using it will be converted to the "new" system, giving players a way to convert their stockpiles of shards into the new system).

IDEA EXPANSION:

A) Potential to allow "upgrading" named items.. as a +1 "Named" item could be allowed to become a +5 "Named" item.
B) Potential to treat an "Empty Color" socket as an "Upgrade" to be moved from item to item as well. (maybe adding empty color slots is what you can do with Cannith Levels)