We have a long way to go to be as geared as we are now, and here is some important info for how the items work this time around. Note some important milestones if you play mythic+:
+8, +18 - doing one +8 will award you a vault item on the heroic track, +18 on the mythic track.
+9 keys let you farm dungeon drops on the equivalent of normal raid upgrade track. +17s for heroic drops.
+11s will let you farm Wyrm's crests, +16s Aspect's crests.
Don't miss out on a good vault slot!