I used that term in a comment, but I meant salvage the item.
Hopefully there will be a use case in later seasons. I think I read somewhere that blue items might roll fewer but higher stats, though I don't know if that's the case.
What's the point of white and blue items?
In D3 we got exclusive mats from disenchanting them, but so far I've found no use for common and magic items in D4. Any ideas?