There's now fuller official information about just how the Legendary Items will work in Lord of the Rings Online.
In a post, the team went into much greater detail about what to expect and how to get the Legendary items you're looking for. The update will arrive this month, in time for Fate of Gundabad, so there's plenty to learn before you take the plunge.
The way you;ll get your first Legendary will still happen when completing the Mines of Moria. You could also buy one with Ancient Script you're collecting. Once you're set, you'll be able to find and gain access to the Archive of Traceries, where you can start to barter for more and even rarer Traceries. These are going to be what you use to slot into your Legendaries. So what are they?
There are four kinds of Tracery, each with their own functional purpose for you to make decisions around. Heraldic Tracery slots are limited to one per item, and they're used to add stat buffs and weapon damage types. Word of Power traceries are specialized and you'll find them functional for your class purposes. This means things like damage and healing, area of effect, damage reductions, Morale increase buffs, and more. You'll have two Word of Power slots per weapon and three per class item. Word of Mastery traceries are similar to the existing Legendaries system, and will provide class benefits. These slots are unlockable over time, so you'll be able to earn up to six of them. And the final type is Word of Craft. There will be up to three slots for these traceries on your items, and slotting them in will give you single stat bonuses that also give set bonuses.
The new Traceries are color coded as to their rarity, and the Word of Power ones are color coded via a different system to show what type of effect they provide.
So what becomes of old Legendaries? You can still use them, though not new and old at the same time, so you'll have to choose. After the update on October 13th, there will be a button to convert your old Legendary items into Ancient Script if you'd like to get started right away. Some, especially old valuable items, may be able to have their ingredients converted over in the future.
For the full rundown on how these new traceries will work, how to slot during your level journey, the color coding and distinction, as well as how you can keep Traceries you use, or to trade up for better rarity, check out the in-depth blog on the Lord of the Rings Online site
