I've seen a few people say they like the idea but the names for the quality levels need work. I agree, but I'd also add that different classes of things should have different quality names.

For the top-level, for example, it makes sense to have a Legendary Rocket Launcher but not a Legendary Assembler. Maybe assemblers, roboports, refineries, etc... could have a top-level name of Masterwork or Prime or similar.