To assuage one major fear, the game’s community team has reminded players that this is not an automatic replacement but an additional compensation; players will still have their old gear, they’ll just receive new pieces. Of course, the debate is running about the forums over whether or not the exchanges are fair or balanced for the community, which is always going to be a problem with this degree of gear change.
Aion may be a bit overly ornate at the moment, which is why the game’s next major patch for the NA version is overhauling the whole experience. Of course, the flip side to that task is that it also means a whole lot of changes to gear, and that means there’s a whole list of how your current gear can be exchanged for new gear when the update goes live. It’s large enough that it requires a separate spreadsheet, even.
Source: Official Site