I played around with the crafting a fair amount. At first it was a bit daunting, not having any idea what things were for. After the first few days of Alpha I had a better Idea of what I needed to do on the second weekend and concentrated my characters training more to what I needed, or hoped I needed. In the end, I did manage to craft a Long Sword+2. I never was able to figure out which skill I needed for weak varnish to try and make bows, battle axes, or a spear. Just needed some more time and XP to buy higher skill levels.
Crafting is currently pretty time consuming. It's not like other games where you get the stuff and just suddenly have a new item after pressing a button. It was around 15 hours total time to craft the sword. That's not counting gathering time for the materials needed to do it either.