You can crit craft rakata Gear, so Armormech gets effectively 56 stats as a gift, i would hardly call that nothing^^
Also you can upgrade blue "pieces" two times through reverse engineering. The endresults are pretty equivalent to anything that drops in hm fps (seriously you can get upt o 60% shield chance, 60 % Absorb with crafted gear, but yes your hitpoints and threat will be abysmal).
Edit: Yes Setbonusses are nice and i do wear 5 pieces of the columiset, but the nonsetpieces are in almost all cases better than hardmode drops, and even for the setpieces i would at least buy one, if anyone on my server knew the recipe:/
I am not saying Crafted Gear >all. I am saying crafted gear is really usefull and you can enhance your equipment by mixing some pieces in, depending on the stuff you want to tank and how much problems with threat you have.