Ascended/Legendary Armor
1) Ascended is the highest tier. The full list goes: White, Blue, Green (masterwork), Yellow (rare), Orange (exotic), Pink (ascended).
Legendaries are kind of a special group. They have the same stats as ascended weapons so they don’t really count as a separate tier. But you can switch the stats any time you’re out of combat which makes them a bit more useful, and they have more interesting skins and effects.
2) There will be ascended armor at some point in the future but no one knows when exactly. They first introduced ascended equipment back in November and the weapons have only just been added to the list so it will probably be a while before we see armor.
3) Various ways. Ascended trinkets (rings, amulets and accessories) can be bought with laurels or guild commendations. Ascended back items come from the Fractals dungeon. Ascended weapons have to be crafted or drop very rarely.
Legendary weapons are intended as long-term goals so they require a bit (or a lot) of everything to make. You need 100% map completion, 200 skill points, maxed crafting in at least 2 lines and 500 WvW badges amongst other things. Oh and a precursor weapon which is a very rare random drop from world boss chests and level 80+ enemies. Or you can buy them on the TP for a small fortune.
“Life’s a journey, not a destination.”
http://wiki.guildwars2.com/wiki/Legendary_weapon
http://wiki.guildwars2.com/wiki/Ascended
These pages may answer most of your questions.
To my knowledge, ascended and legendary tiers are equal in terms of stats. The legendary weapons are status symbols.
We have already seen the ascended armor skins in game so yes, ascended armor is coming, but I’m not so sure about legendary.
Ascended weapons are crafted at 500 of the weapon tradeskill of your choice, while legendary weapons are made in the mystic forge. The timescale to make an ascended weapon is days to weeks, while legendary is months or even in excess of a year depending on luck and playtime.
Why, when they have equal stats? Like I said, legendaries are status symbols, and usually have a variety of special effects while carrying/wielding them including character glows, armor effects, footprints, and so on. They aren’t necessary to your gameplay, but if you need something to aim for, there it is.
Priorities, what to do?
Spend hours with dye
I think they might scrap legendary armor personally. Keep in mind these are my thoughts and this is simply over as to implementation of legendary armor and trinkets.
I’m not going to repeat what everyone else said, just dropping my 2 copper.
(edited by Seven Star Stalker.1740)