Instead of replacing your LI from 50 through 100 and then imbuing it, you would receive your LIs at level 50-ish (from Moria starter quests) and keep them throughout the rest of the game. At first, your LI starts out with a small amount of "slots" for traceries (i.e. legacies) but you can increase the number of those as well as your LI's base stat (dps, tactical damage, healing) by reforging at certain levels.
Also instead of receiving random legacies that you had to replace to make your LI how you want it, you now would apply whichever tracery you want as you level/build it. The implementation of this system is similar to the essence system, where you can place the traceries into slots on the LI just like an essence on a piece of gear.
<aside> 💡 The new LIs cannot be equipped when a classic LI is equipped (except bridles). Be sure to remove the old ones before trying to equip your new LIs.
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Traceries are the new legacies. They not only give you buffs to skills as legacies did, but also can increase stat ratings and give bonuses to things such as skill damage, healing, aoe targets, skill range, and +% to stats.
Every LI gets just one heraldric tracery slot. This type gives raw stat buffs (might/agility/will/vitality) and possibly able to change the damage type of your weapon (ala old LI titles).
Up to two Word of Power traceries can be slotted on a weapon (or up to 3 on a class item, javelin, bow). These are meant to fulfill specializations that you'd like on your LI. Buffs include +% single/aoe damage or heal, area of effect targets, incoming damage reduction, ranged attack or heal range, etc. Word of Power traceries are unique so they cannot be duplicated on another equipped LI. They can exist on other LIs as long as you are not equipping 2 LIs with any same Word of Power tracery.
These traceries are similar to the classic legacies you are used to. Most have been translated to the new system, while others were retired or already covered as a Word of Power tracery. Up to 6 Word of Mastery traceries can be slotted on one LI. Also, these traceries are unique so they cannot be duplicated on another equipped LI. They can exist on other LIs as long as you are not equipping 2 LIs with any same Word of Mastery tracery.
Up to 2 Word of Craft traceries can be slotted on an LI. These give small targetted bonuses to 1 stat, some can give set bonuses if different traceries of the same set are slotted.