The ability to set your own spawn point? What the hell? That's like cheating. A LOT like cheating. It's like there is no longer any consequence for dying. If you're about to go do something dangerous all you have to do is set your spawn point right where you are and if you die, who cares because you'll respawn right back where you left off.
Hopefully it will be some item that take a stuff ton of rare stuff to craft, and can only be used a certain number of times. That's the only fair way I can see this being pulled off.