Only slightly melodramatic. If you can still play you will be fine. If you can still wear blues then wear blues if you are that concerned with gear progression. Purples only adds 1 extra stat. I put blue armorings/mods in my gear when it takes me too long to RE purples on my main. Same thing with the gear I make with Armormech/Synthweaving.
It's not game breaking. It's called have some patience while they resolve the issue. When the issue occurred with the companion gear they had it fixed the next day.
You can go ahead and be satisfied with things that are broken as you still pay for them, I am not.