So, I anticipated big changes in the first few months of this game, so I haven't made any legendary gear yet - still hoarding those mats. If, however, I had, I can imagine I'd be pretty bummed about my gear sets completely changing.
In other MMO's I've played, when a piece of equipment that required extensive work to get or craft was changed, it was not uncommon for the devs to add an NPC in a capital city where gear could be turned in for a certain percentage of the materials invested, far more than we'd get for deconstructing.
I imagine most people would be fine with a temporary "Exchange NPC" that would refund legendary crafting materials in exchange for the item. Sure, people would still be losing the base ingredients/greens/blues/purples - but the really expensive part would be those golds. Heck, if you want be cool, refund those greens/blues/purples too!
Edited by rophez_ESO on 12 July 2014 01:12