Ok, let me make it clear that I am trying to remain calm and civil in this post but I assure you I am feeling anything but that.
What in the name of sanity are you thinking?!
If there are no plans to make these items craft-able for everyone else in relatively short order then you have absolutely no right to be doing this.
Need I remind you that you just nerfed the relative power of ALL the looted names less than a month ago because they were to powerful!? And now you want to give a few players exclusive ownership of weapons that make even the old looted items pale in comparison?!
How do you expect the player base that is not into pvp dueling to feel about these insane weapons being given to whomever can win the competition. Having a competition will only ensure that he player with the best hardware and internet connection has a much larger chance of getting items. Not to mention that the players who are most likely to win the competition are the ooc pkers.
The whole event reeks of deception and a biased distribution of power.
You might be thinking, "Really man, you are over reacting". I think not.
Look at the forum post announcing it, you will only see rewards listed as "tria and special items".
There is no indication as to the nature of or the identity of the "special items" in that post. It is conveniently left out so the only way you will see what those items are is to see them in game. To me it sounds like there is a gm who is purposely pandering to one particular player type that do NOT need more powerful weapons. Currently, regardless of the recent changes, weapons still greatly outperform magic so any excuse of being under powered is absurd.
To let this happen is absolute madness. I demand action be taken. I've played this game over a 6 soon to be 7 year period and I have never seen anything that can compare to this. It is inexcusable.
Dev oh dev, where art thy brain?
Drunk and washed down the drain?
Dev oh dev, what's your name?
Hunt them down, end the insane.
Dev oh dev, Lie in pieces so plain.
Rot in thy grave, you tortured slain.
Dev oh dev, rise strong again.
Rinse thy mind and wash all stains.
Dev oh dev, prove worthy thy rain.
Save player and plane from hideous bane.