To be fair, this rework seems to have created more problems than it fixed. Yes, the smithing levels needed to be adjusted (and that was good, although it could've been done slightly better with 12-level increments instead of 10), but there are other problems.
(1) The new armors are practically useless to high-leveled players. Elder Rune should have Lv90 stats, but it has Lv80. Why use this when there's POP armor at Lv85?
(2) Bane and Necronium shouldn't degrade (going into this update I wasn't expecting them to). It makes no sense. There is no use for more degrading equipment with levels under 75; Anima core is far superior, having level 75 (tank) stats and not degrading.
To give credit where credit is due, the Ore Bank is a nice way to free up bank space, but extra bank space would have been better...