The new LI system is actually hilarious. The legacies(calling them traceries is just dumb) are in no way, shape or form going to be balanced. A system where you can create a variety of builds onpaper sounds amazing but from what we have seen over the years with imbued weapons and essences, there will be only one/two viable ways to build your character especially when it comes to endgame content (yes I know the game isn't about the endgame, but endgame is where your legacies truly matter). Having 2 legacies for base increases and 6 class increases on each weapon really doesn't give room for customisation especially when half of the new legacies aren't interesting/viable. You are essentially putting in a "new" system which is actually the same thing we have now but with more complications and from what it looks like, way WAY more grind. 12 legacies that can be upgraded 49 times (12 x 49 = 588) now given that half the legecy levels we currently get are free this makes it easily 2x the current grind and not to mention if you wanted to upgrade a blue legacy with a gold legacy, you lose the progress what you have made on your current so again more grind.
Just scrap the legendary system completely and change class skills to reflect the current LI legacies (a few changes for balance) and give us crafted/barterable/drop weapons which can potentially have essences in them and even give us set bonus essences. I get that the LI system is a "selling point" for the game but at this point it's just gone too far. Having to play around with essences, legacies and trait trees, it causes way too much balance issues and let's be fair, lotro has struggled with balancing classes for years which won't help when you throw in another (unneeded) class. If you're gonna give us another class, make it something interesting instead of a another "dps" class.