Remember Diablo 2: Lord of Destruction? Some people were pretty excited when they heard the news that the socketed items in Diablo 2 LoD was going to be imported to WoW with The Burning Crusade. After the expansion though, some people felt let down.
Come to think of it, the pimp-my-armor dreams are a bit high on the expectation grid. There are a number of player concerns:
Will the socketed items be better than non-socketed ones?
Where do you find gems that would be perfect?
Are socketed items worth it?
Some players found that lowbie non-socketed blues out classed the socketed ones. Is it wise to pimp lowbie armor (or other items for that matter)? Gem merchants are the staple source of gems but some players advice that going to the auction houses (AH) would be the wiser choice. Mid-60 socketed items aren't so great as it was in Diablo but we should be patient. The armor level is directly proportional to how great the armor is.