The NEX store completely circumvents the player economy (apart from the resale) which is decidedly un-EVE like (especially when previous expansions have taken great pains to reduce the amount of NPC seeded stuff, see shuttles and PI). I have been thinking about this compromise for Vanity and MT since :monoclegate: and shelved it for a while during the rage shitstorm, but I think it might be a nice basis for discussion for the CSM to bring up in Iceland.
As much as it pains me to say, with Hat Fortress, Valve did one thing right. It included the players in the creation of content and let them have a cut of the profit and, if I remember it correctly, it was generally received with a lot less rage and even support compared to the Mann Co. Store in general. The NEX store offers none of this. All items are produced by CCP, all RL money goes to CCP. The players can merely try to make some ISK off trading the items after the fact.
The Creative Process
This is quite simple. Open up the file formats and creation tools/SDKs necessary to create clothing and, later when full incarna hits, furniture, gambling machines, etc. etc. etc. and let the players/community go nuts with it.
The Approval Process
To prevent excessive Penis spam, levy a fee of one or two PLEX to submit an item. This should at least make it somewhat cost neutral to run, as less dev approval time will be wasted with rubbish submissions and the fact that CCP already receives money for the process.
Possibly crowd-source preselection with a new subforum where submissions can be vetted and discussed before any dev time is wasted.
The pre-manufacturing Process
If accepted, the player would obtain a BPO for the item he created and maybe a $TIME "patent protection period" where he will be the only player with this BPO and he can acquire additional BPOs for AUR/PLEX should the demand be high enough. After the $TIME period, there would be two options, either open the BPO to be purchasable by everyone or maybe allow the creator to renew the protection.
If there should be a "patent protection" in the first place, if it should be indefinite or time based, etc. is very much open to discussion. Unlimited protection would imply that once an item's creator left the game there would never be any more of that item. This could be a good thing or a bad thing or just a thing, depending on your point of view.
CCP Created items would have BPOs purchasable at any time for anyone.
Manufacturing and Cost
All Vanity and Incarna items would require ordinary minerals and trade goods to produce as well as either AUR in the manufacturing costs or special NPC seeded items for AUR in the materials list (think along the line of spacesilk cloth for clothing and ultramahogany for furniture, fluff like that).
Trade and Sale
Make trading of these items happen through a new/rebranded NEX store which levies a low AUR fee (flat or percentage based) for every purchase.
edit/clarification: The player would set the price in both ISK and AUR, any CCP fee would be on top of that. Add a mechanic to re-merge AUR to PLEX so that a player could effectively sustain his gametime from AUR revenue from this store.
This process would be almost exclusively player-run with three possible points (creation, production and trade) where CCP could get a a tiny cut of RL money.
Supply and Demand would be king again.