The new itemization scheme works or will work (WRT post overhaul crafted gear) as follows, in order of uberness:
Common
solo MoB drops and NPC merchants
Handcrafted
common crafted
Treasured
Soloable quests and group drops.
This is the level rare crafted is going after the overhaul
Mastercrafted
rare crafted will be renamed to this,
it will be equal to treasured
Legendary
Heroic quests, Heroic group MoB and non-epic
named drops., lower level Epic MoB's (i.e. outside
dungeons and raid instances) This is where rare
crafted is T6 and below until the overhaul.
Fabled
Heritage quests and Raid targets. There are
actually 2 levels of Fabled, some harder raid targets
drop better stuff than others or HQ items.
Mythical
See above. Never seen one myself.
<semi-off-topic rant on>
So you see rare crafted is being nerfed - get yours before the overhaul goes into effect because existing items will not be changed, only those made after the overhaul. To get an idea of what will happen, look at T7 rare crafted armor (xenogite) compared to T6 (cobalt) - they're about the same. This applies mainly to equiped gear like armor, weapons and jewelery. In addition, more relatively easily obtained Legendary quality items are being added as drops and quested that are better than rare crafted making rare crafted worth even less. The overhaul includes the no-subs recipes for all crafted items and the "re-itemization" to nerf rare crafted. It will probably go in about live update 25 in June or so.
<rant off>