No. If it was, I’d be less grumpy and ragey.
They will grant the ability for everyone to learn everything, so the armor type of your alt that is appropriate can then mog it.
Example - My rogue gets a nice shield to drop. Obviously, I cannot equip shields. I will however now be able to ‘learn it’ so that my alts that can equip shields can transmog it.
This is good because everyone I know (myself included) howls with frustration when you run a dungeon or old raid and that one piece of loot you’ve been trying to get on your plate-wearer finally drops…for your clothie.
This will solve that problem. Your clothie can now learn it, so your plate-wearer can mog it.
However…