Everyone is confused, this is how it goes according to Elmar:
Common Items will no longer drop, they will be replaced with Unidentified Items in the drop tables and in every NPC store.
Everything, D to low S, will be sold in the NPC stores as Unidentified Items.
Unidentified Items have the same value as Common Items did. Confirmed from a screenshot where Unidentified - Forgotten Blade is seen for ~5 mills at the store.
Double-click a R-grade Unidentified Item and it will either become Bound or Blessed.
Both, Bound and Blessed Items, can be enchanted, SA'ed, Attributed, etc... their key difference being that the Bound Items are untradeable and Blessed Items are tradeable, sellable, etc...
Oh, and, as gravy, Blessed Items also get higher stats when enchanted. lol
All classes can crystalize items.
Item Crystalization is different too. Now crystalized items yield crystals and some mats. Confirmed from a screenshot where a crystalized weapon gives out crystals and a "Blacksmith Mold" of some sort.
Crafting also gives out Unidentified Items. Masterwork R-grade Crafts yield an extra Normal Item or Blessed Item.
Are you unhappy with your Bound Item? There's a procedure to "unbind" an item into a Normal one. I haven't yet seen any information on how it is done.
Armor Over-Enchanting has been revamped too (lol, what hasn't?) Over enchanting armor gives piece-specific bonus on top of the traditional +HP. I.e.: ++'ing Boots will give extra Run Spd.
Credits go to Elmar (http://boards.rochand.com/memberlist.php?mode=viewprofile&u=97) for all this information. :D