I don't see how Mechanics "dominates". Yes, it's important and probably the most vital of them. But you only need one party member with high Mechanics, and thus leaves a lot of room for the other skills. I think they balanced it pretty well. I have a hard time specializing my characters since I feel I could use a little bit of every skill on each of them.
I think you can only receive a defense bonus (deflection, reflex etc) from one source. They don't stack. A shield might be an exception to the rule. So if you already have a cloak, ring or something else that adds a deflection bonus, you won't receive the bonus from the bracers.
I think the crafting system is great.
It's simple enough not to be overwhelming or require huge amounts of time to be worthwhile, yet offers enough customization and bonuses to keep it interesting.
And from what I've seen so far it seems well balanced.
I wish there was more love around for female moon godlikes. Made one as my custom priest companion and had to settle for the female pale elf portrait as the moon godlike one is pretty much the only portrait I really don't like.