It says year one but they may have it be for the entirety of TTK. It would seem silly to introduce it just to have no use for it later on. Like I said I upgraded everything and really like that they added it. VoC is amazing at 365 btw.
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I think it's stupid that HoW gear is still at the old levels and need Etheric Light to upgrade. The older gear, well, I see the reasoning for Etheric Light there. The new gear should have been at the 365 levels. If they remove the feature to upgrade Year 1 gear, why would anybody run the old raids? Or run PoE or ToO? This will be obsolete gear. Surely they can't actually be considering this.