I got the Kraken before the buff to the tier pieces. If i was buying today, i might opt for the tier one.
The crafted legs are AWESOME considering all the juicy armor on it and the 3 sockets. The only thing it's lacking is some def.
The chest is a different problem. With the buff to its armor, normally i'd prefer it over the cataclysmic. The problem lies in the fact that they got the budget for armor from the defense on it. As i'm wearing the crafted boots & legs, i'm way too close to the def cap to afford buying the tier. On the other hand, the amount of def on the cataclysmic is huge and offers almost equivalent avoidance (before DR) to the chest. And since i'm a little low on expertise, cataclysmic fits the rest of my gear better. The tier is still damn good though and i'd definitely consider it if my setup was a little different.