The item becomes soulbound - you cannot drop it or give it away.
The item becomes permenant and loads on you when you log in without need for a droproom.
The item becomes unbreakable.
A timer starts, and five days later, the item melts and is lost.
Soulbound + unbreakable is awesome. Especially for the newer players so then they can have some gear to trust. It also would mean if a newbie got very nice gear and imbued it, they would be almost god like which I think is more in line with what we should want verses the super guys having this. This gives one a window to say I have a strong chance to log in the next 4 of 5 days, so it would be a good time to use an imbue or well I should wait since the family is going on a 4day vacation.
My only thoughts is man, it is alot of what I think is a step forward, but is 5days enough? I was hoping for at least 7. But I admit on this I am not sure which is to little or to much. What I want to see is it is still useful so that the economy is solid. As Mayobe said, it costs him alot to imbue an item cause he is small. But he is able to sell the item to make cash. That is if someone finds the item worth the cash etc. So keeping the economy in such a state is, imho, important to all.
Another cool aspect would be if smiths could with at least one item a week (or per arma?) extend that item by another 5 days (4? 3?). Something cool but since items are unbreakable, perhaps only one item per Timelimit.
Also, if possible could the item, when appraised, show the time left? Just incase you are drunk when you make it and forget?
Lastly, Kvator brings up a good point that some limit on how many imbues some can wear might also still need to be considered.
Oops forgot, perhaps the imbue you can have Karkadelt place on an item should cost far less for small players and increase to the highest level at say hero? titan? Not sure of the potential abuse though.