Engraving is essentially just another take on Decoration, but with two key differences. First off, only items of Immortal Grade or higher have Engraving Slots (compared to Rare+). Secondly, there's a LOT more RNG when it comes to the result.

After unlocking this feature at level 15, you'll be able to apply Engraving Materials to a compatible item in order to gain one of two random affixes.

This means it'll always come down to a coin flip to determine whether or not you get the stat you want. Plus, the variable stat rolls still apply, meaning good Engravings are a lot harder to obtain.

The one benefit to Engravings is that the Engraving Materials offer a wider range of possible stats. So while you may have less control, at the very least they are more universally usable across different gear.

We definitely lost the coin flip on this one. :(