I find alot of use for crafting, in making accessories that would take me forever to find in loot drops, or even via the auction house.
I was always finding enchantments on rings, where I liked the prefix, but the suffix was useless. Or 3 necklaces with 3 different buffs I'd like to use, but I want all 3 at the same time.
I do also agree with what some people have said, the 40/40/40 point is a good place for any self-crafter to stop grinding. A guild crafter (with support of the guild) should max out, because they're making items for other people.
The system is not usable by the true noob. but a casual player can make themselves some pretty OK gear if they try. And a dedicated crafter can make some good items, even if they do fall short of epic/greensteel items. which is fine, there shouldn't be a match for those items under the Canith Crafting.
my 2 coppers, putting the soapbox away now.