I think once we're all using the crafting system and are getting decent items and really getting involved trading them on he auction houses, we'll forget all about runewords. We'll also all be very glad that there aren't absolutely balance destroying items popping up everywhere. And since Blizzard is wanting us to have variety in our builds, I don't think every single player having the Templar with the equivelent of Infinity or what have you makes any sense at all.
I think they have learned their lessons and the new system will be better, not perfect mind you, but better.
So much runeword hate! It seems no one can separate the concept of runewords from the horrible implementation in D2.
Right now in D3, there are 4 gems, each of which (helm excluded) adds to a primary stat. Wouldn't it be nice to give up a couple gem slots in order to get more specialized bonus or effect? It doesn't have to be a complicated system, and there need not be 33 different runes clogging your inventory. With just 8 runes you can get 64 combinations. Make half of those runewords - a few general, a few class specific, and blam. Customization. Enchanting has mostly taken over this function, but maybe you really need some cold resist, and runewords could fill that niche.
Anyways, I really like the flavor of runewords. It just need be done in a way that adds richness to the skill and stat system, not just complication, and needs to not throw the whole itemization game off-balance.
Trust me guys, the crafting system will satisfying all your gearly needs! Even in the beta there is a TON available for crafting all item types. After leveling up the blacksmith a little one can begin crafting rares to roll some potentially amazing items. I'm sure crafting materials will be the main focus for players because finding legendaries is pure luck.