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essences scale with heart ilvl, so as long you can still raise the ilvl of the heart via AP, there will be always a reason to farm AP, or am i missing something?

You dont have to farm past 85

What's a horrific vision?

Its a mini dungeon for solo to 5 person groups (scales) that you will have to do in 8.3 to improve your character. You basically kill as much stuff in it as possible before your sanity bar runs out. New essences and legendary cloak upgrades will come from them.