I know that blizz hasn't revealed anything regarding the future of Crafting and I think it will be totally revised (a hope really). As it stands now crafting is pretty much a fail except for a handful of recipes, which brings up a lot of questions like;
1. Are there going to be any new recipes to reflect the new lvl cap?
2. Are you going to be able to craft lvl 70 versions of all recipes?
3. Whats going to happen to the Archon recipes? Amulet recipes?
4. If they do revise crafting to be epic, will all recipes and crafted items have be account bound?
5. etc. etc.
Would like to hear your thoughts on this if only to pass the time until we hear some real news.
2) Probably, although there's a difference between rings/amulets (@jeweler), weapons, and armor (both @blacksmith).
3) They'll become worthless.
4) I don't think all of it will become account bound, but everything that has potential to become BiS will become account bound, everything else would be stupid.
5) Etc. etc.
Tbh, I don't think where this is going. We speculated about crafting for a year, and there has been no new info about it whatsoever... they'll definitely do something about it. The only interesting point to discuss imho is how much of it is gonna be account bound. They already said they're happy as to how the 1.07 crafting recipes turned out, so a significant portion will be account bound, hands down. But they also said they don't want to make everything account bound.
Concerning Hellfire ring in ROS: with infinate paragon the Hellfire ring will still have a use. In current game there is no point to use a Hellfire once you hit p100, but that won't be the case in ROS.