That'll be true once they fix the MC armor. Currently, if you're wearing your armor as armor (i.e. you care about mitigation), then quested armor and 0/4 yellow gemmed solo armor are better than mastercrafted, too...
Even reforging MC armor won't make it better than the heroic gear. But being able to reforge MC would make it easier for more players to gear up for doing Heroics, so they can get the heroic gear. As it stands however, I haven't seen a single piece of crafted or MC armor or jewelry that is worth my money.