The intent is to get your feet wet on the crafting process, not give you a free legendary weapon. Afterall if you don't learn the process, how can you hope to craft a legendary item.
Gifts of Might/Magic are not equal value on the tp. Currently there is about 135 gold difference. Quite a lot to a newer player (0-500 hours), but not that much when it comes to legendary crafting. Based on the statistics on gw2 efficiency, only 1% of newer players (0-500 hours) have a legendary item.