The idea of this system? Great, absolutely one of the largest potential features we have. Unfortunately, that's where things stop being so great.
I've looked into the formulas at various levels, and it has become very apparent to me that Gaia still has major issues with balance. This can be seen in RIGs already, where the concept of odds and attainability seem lost on the staff members as most of them don't have time to be users.
Fishing's update in December was fairly well balanced. There were some questionable additions, like rare Prize and Joy items that nearly overshadow the fish going into the recipe, but for the most part that seemed well balanced. Maybe you had some help on that one, who knows.
This Alchemy system, however... Honestly, whoever set the rates on this stuff seems to be very out of touch with how Gaia itself works. Not just the economy, but the community and site as a whole. There should have been a big red flag at even the suggestion of using ANY items of purposely limited quantity. That is, limited release items such as RIG items, which seem to be part of various formulas at the present time. Any item that can theoretically become "extinct" because there is no longer a real supply* should not be part of the Alchemy system. To go back to Fishing since it's the only other exchange system with Alchemy-esque exchanges (Was that a test run?), you used things like Unsightly Body Hair in exchanges. Nothing to do with Fishing, and it was limited supply, but the supply was still something that can be obtained forever. Not in mass quantities like most game items, but still something one can realistically obtain on their own. This is not so with RIGs.
There were some things done right with this, and some done wrong. On the right side of the scale, I see zOMG loot and Ink. I also see completed Fishing Exchange items and Gold Shop items. All of these things are available today and should be for the rest of Gaia's existence. Another key point that is good about it is that the user has control over how to obtain these items. The user can play these games for the most part and thus isn't
required to purchase them from others in most scenarios.
Things done wrong, outside of what was already mentioned? Releasing this system without a reliable way to obtain the loot. Is DC really the best delivery method the great minds at HQ could come up with? I know you have some seriously creative people there, so why didn't they first reach out to what we already have? Fishing got an update, but there are a variety of colors and sizes of fish that could be used. Tokens could be used in things with bronze coloring. Credits could have been used in the Edwardian recolor stuff. Pinball has power-ups such as sticky paddles for goo, fishing net for anything with lace, etc. ELF has various voltage type power-ups. Towns has flowers, bugs, and paper in numerous colors. zOMG has over 90 kinds of loot, before you even touch event loot, yet so few were represented. While I understand that not everything we have on the site works for whatever was planned here in this initial release, why are there essentially "only" rare things being used in these recipes? We have tons of game items that are begging for a use, and instead dozens of new, rare, mostly unreleased game items were created to be a part of the system.
Next, regarding balance, I'd like to point you to
S1mbo's post on the first page of this thread. Let's forget for just a second that these are rare drops that require people to apparently browse unprotected by adblock. Calculations for some of these show 26,460 total required items to make the top tier one. Really? REALLY? Did someone really not run the numbers on this stuff before giving it an okay? Now let's throw in the fact that these items are essentially like Daily Chance rare items. I think someone "dun goofed" on their math here. I would think recolors of these ad viewing items should be requiring one of the other colors along with various color changing game loot, such as ink. A very good example of a Formula well done is, well, any KO shirt. The red one requires the following:
Qty. Item
1 Tsunami KO Classic Shirt
1 Shark's Blood
10 Red Ink
That's it. The common one that you can purchase from the gold shops, one of these essentially non-existent new loots, and 10 red ink. THAT is a good example of how a Formula should work. Obviously everything shouldn't be so cheap and easy, but things should not be containing finite supply items either.
Finally, a fail rate. I don't even know where to start with this. Fail rates are just horrible, seriously. I don't play RIGs because I don't support random chance. I don't purchase them, even to sell. As such, fail rates just add a whole 'nother level of "wtf?" to this for me. I'm the kind of guy who can and does fail 80-90% success rate enhancements in other games 3 times in a row. When we get to 60%? Psh, I might as well just give up, as I ritually fail 5+ times there. Knowing Gaia's obsession for insane rarity and the general lack of understanding of balance (also evidenced by this feature, unfortunately), I don't expect things even labeled "medium" to have a decent success rate.
We are supposed to use this system to eventually get to back wings? I've known for years that the old promises of it being a long, arduous quest that
everyone could eventually complete were unlikely to be fulfilled. However, this seems to be the nail in the coffin for that. This is not a long, arduous quest. This is a long, arduous gamble based on funding and luck. As such, I can't really appreciate this feature very much right now. Great, great idea Gaia, but it needs a whole lot of balancing.
*Crafting the RIG that an item comes from is not real supply, as you cannot guarantee or realistically farm this due to the inherent issues with the Alchemy system.