Notice: Do not unsocket the upgraded version of the new Planar Earring Runes that came out with 3.4. If you do so, the rune will turn into the base, unupgraded version.
e.g. Improved Heretic’s Faetouched Rune will turn into Heretic’s Faetouched Rune.
(Thanks to DarkDaemon for the info!)
Morticus has stated that Trion has a fix for this issue, although no ETA was given on the fix. [r]
For now, be sure not to unsocket your upgraded Planar Earring Runes. Tell your guildmates too!