You might also want to read the Reengineering sticky.
Among other things, it explains what the prefixes on the items mean.
Each green piece of equipment can yield three blue schematics. Each blue schematic can yield 5 purple schematics, so there are 18 different combinations of stats available. Crit crafting any one will yield an extra augment slot. *One schamtic is not in game. For example an Overkill
(power) item can be reengineered and will retain power and gain accuracy and will become Hawkeye
----Not In Game*(Alacrity)
Here is a nice picture of the process (it's pre1.2 but the only real change is the suffixes will all say Augmented now instead of the various names):