Levels 1-49, gear doesn't really matter
Of course it matters. Not everyone is fixated on the so-called endgame. Some of us enjoy leveling up alts more than they do doing those tedious daylies.
I also really like the idea of a "change to 'bound to Legacy'"-item. It would be great to finally make some use of the Legacy and pass down out-leveled but nice-looking stuff to lower-level alts.