First reaction: Good idea, poor execution. Some thoughts:
0) It's NOT obvious at all how to use Disenchanting. I thought it would be a separate tab in the Academy, but it isn't. Instead it can be found in the Inventory and on the Crafting window, if you click the '+' next to the number fo Fragments you have. Not very intuitive, especially since there's no proper in-game explanation what it is for
1) Refreshing the recipes should be possible for Coins, not just Diamonds. With a limitation, of course. For example, 5 times per day you can pay Coins to refresh (each time costing more), and after that wait for the next day or pay Diamonds. Naturally, the cost resets each day (like the Wholesaler)
2) Relics? RELICS? We can waste our time and spells crafting freaking RELICS? Is this a joke? Why would I want to waste my time and resources to craft (in my case) 5 Crystal Relics?
3) The Mystical Object is a good idea, but so far seems too expensive, considering that what you get is luck-based and takes a very long time to get it.
4) The recipes are seriously overpriced. I mean, 1094 fragments and 5 (FIVE!) Catalist spells for ONE "Ancient Knowledge 20" instant?
So far this looks like a feature I won't be using, for one simple reason: It offers nothing I want. Maybe there are some things that are worth crafting, but with no way to control which recipes we get, and with no way to see all the recipes available, it's up to chance if I will EVER get something I want (which is also why I would not waste any Diamonds on refreshing the list).