What they are actually doing is copying an existing formula. Stats have been used to determine things like spell power for years in the MMO world. This isn't new, and its much more player friendly. I would much rather see an item that is:
200 intellect
100 spirit
then one that is:
100 intellect
50 spirit
50 spell power
20 mp5
It just looks better. Its about time they get rid of the stupidity that is the defense rating as well. I personally can't bring myself to play a tank that isn't a druid anymore because I'm tired of playing the defense balancing game. Gear upgrades should be gear upgrades and because of the stupidity that is defense that is not always the case. Now they just need to get rid of crap like resilience. I also LOVE how they are talking up "rated battlegrounds" but not mentioning arenas at all. Maybe they finally realized when less than 10% of your player base competes in a system it might just not be that fun.