I have been playing around with the Hextech crafting and i have some thoughts.
First off i would like to start off with a complaint.
As someone who owns all the champs i find myself getting champion shard loots far more often than i am anything else which is cool for someone who doesn't have all the champions. However Champion loot and essences are completely useless to someone like me and they are what i have gotten the most of consistently. As of this writing i have 1774 champion essence and 1414 cosmetic essence.
Cosmetic essence the way it works is perfectly fine to me but champion essence for someone like me who owns every champion puts me into yet another position where there is another form of currency that i can't use. I know i am not the only one who owns all the champions so this problem affects others in my situation. TBH idk how you could fix this issue since its such a new system and everything else about it works perfect. My only issue is that as mentioned before the champion shards and essences are completely useless to me and others in my situation.
Second.
I love the Idea and the execution of it. It provides a chase sort of goal and some much needed motivation to play games and do well in them.
Third.
It would be nice to see exclusive skins tied to this for stuff like seasonal skins or seasonal wards. I really like the idea that you guys had and i know its still fresh but i would definitely love to see some exclusive content tied to it.
Fourth.
Don't price this too high. Seriously 1k to 3k IP for a single chest/key combo seems like it could be fair price point IP wise. I feel like any higher would make it out of reach for people who don't get to play that often due to work and or other responsibilities. Keep it simple and within reach and this idea could succeed very well.
Anyways thats my opinions.