Any word about Hextech crafting

I read thread after thread about the Solo que change but now I'm posting about something that I feel also afraid about. For good reason mind you.

Hextech Crafting

"We're introducing a new system called "Hextech Crafting" with two goals in mind: one, create a new way to pick up randomized loot at large discounts (we're tuning the drop stats here but, if you want something specific, a direct purchase will still be the most efficient), and two (this one may be more important for some of you), allow players to earn their way toward champions or skins for their in-game accomplishments. Free." was stated in the 2016 update pages.

The second half sound nice for people with no spending money or +9000 ip something to grind for but the first half scares me. What will you be crafting, and will it have any game stat changer, or will it be just more cosmetic non sense.

I came from a game called Megaten which you only progressed "Buy," true Luck and large amount of dollars.