I think this would have been a good idea initially, but not now. I think there is a little too much emphasis on pixel crack in Crpg and not enough about individual skill and character specialization. If +1's and +2's are more important than getting to +3, then it would have made a lot more sense for me to put my limited loompoints into +1'ing more items rather than masterworking a select few.
It is nice (for keeping a playerbase) that looms give you an advantage, because it keeps people grinding and playing (rather than playing for fun and possibly getting bored and leaving...but that's very similar to work or a task). But at the same time, that hurdle can keep people from downloading the game, or sticking with it once they have it. So I can't really say if looms have helped the population or hurt it.
I personally would have preferred if there were no looms in game, but that's just me.
