Pretty much this.
I'm planning in making a few pieces so each toon I play (5 of them) has a "Level 20" gear set since I spend so much time ETRing. And possibly some additional pieces for "end game" (Level 28+). Of those gear sets, I already have a lot of pieces for each toon without crafting. (Raid loot, named items, random loot). I doubt I will waste any resources crafting heroic level gear, it's overkill for content that is already too easy.
It's not really a system where you craft a whole new gear set every level. And that's ok! It's not my dream come true for crafting, but it's a hell of a lot better than what we have now.