Overall, I think the new system looks great. Easy to understand and use - but some of the costs need to be adjusted or the system will see limited use imho.
The cost in essences looks great - costly, but not excessively so, and there is a clear way to earn more essences. This goes across all shards.
ML shards:
Looks great, dont change anything.
Unbound effects:
The cost for unbound shards is high, very high, but I think thats cool. If the cost was lower everyone would just have a friend craft for them rather than craft themselves or use random loot. The one issue that needs solving though wrt. unbound loot is that Purified Eberron Dragonshard Fragments need to be tradeable. If they are not noone is going to craft for others as it means the crafter has to supply those PEDFs.
Bounds shards:
Level 1/50/100 "normal" shards each cost 15+5 collectibles which in my opinion is way too much.
You actually want people to use this system but with such a cost new players will be hard pressed to craft a few shards at all and even many vets will be pressed crafting more than 20 shards using their stash collected over several years. The cost here seems to be setting the system up for very little use - even on normal, bound shards.
I suggest lowering the costs across the board on these from 15+5 to 3+1 to give the system significant use. Yes, 3+1, this should be cheap and allow constant use to make the system interesting.
Level 175/225/275 insightful shards each cost 15+5 collectibles + 5 PEDFs.
Here I dont mind the collectible cost so much. Crafting insightful effects should not be a given so some cost is quite alright. I might question the 5 PEDFs though and suggest lowering that to 2 or 3.
Conclusion:
a) Lower the collectible cost for normal bound shards to 3+1. You want people to make those in large numbers so the system is attractive for many players to use.
b) Make Purified Eberron Dragonshard Fragments tradeable so "buyers" can supply those to "crafters" for the making of unbound shards.
c) Consider lowering the PEDF cost for insightful bound items from 5 to 2 or 3.
If you do that I think you have an excellent system. I you dont I think you have a very dead system as most people wont be able to craft enough shards to bother.