::::Intro:
First thing's first, the official wiki is here: http://wiki.guildwars2.com/wiki/Mystic_Forge
The Mystic Forge is located in Lion's Arch (take the Trader's Forum waypoint, and it is literally directly in front of you). There is also one located in the wpvp zones inside the main keep.
The mystic forge can do a few things:
1a) If you combine 4 items of the same quality you will get back an item of that quality or higher (blues to greens, greens to yellows, yellows to orange)
1b) If you combine 4 items of the same type and quality (ex. 4 green pistols) you are guaranteed to get back that same type of item at equal or greater quality.
1c) This works with weapons, armor, and dyes.
1d) The level of an item is based on the highest level item put into the mystic forge it seems. If one of the items is over level 71, it will most likely create a level 80 item.
2) There are fixed recipes that give the same items each time. These are mostly level 80 exotics, components for legendaries, and legendaries themselves
3) You can upgrade lower level materials into higher level materials (ex. copper ore to iron ore) This info can be found on the wiki, but will also be listed below to keep things in one place
4) Create lodestones used for crafting specific items. A few types of lodestones are rare drops in the world, but there are several that (currently) are not believed to be dropped anywhere, so they can only be created at the mystic forge.
5) The mystic forge interface works somewhat like the standard discovery interface. If you put in a random item, it will grey out all items that can't be combined. However, unlike the discovery interface, the mystic forge will also tell you the amount of an item you need, so you can play around with recipes with just a single item, and if it is valid, it will tell you that you actually need 50 or however many.
3) Miyani is an NPC near the Mystic forge that sells items used in crafting at the forge including:
Elonian Wine - 25.6 silver
Eldritch Scroll - 50 skill points
Crystal - 5 for 3 skill points
Philosopher's Stone - 10 for 1 skill point
::::Recipes:
Converting lower level mats to higher level mats:
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10-50 Crafting Material B = 250 Common Crafting Material A + 1 Common Crafting Material B + 2-5 Dust B + 2-5 Philosopher's stone
Creating Lodestones:
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2 Core + 1 Crystal + 1 Wine + 1 Crystalline Dust = Lodestone
(ex. Molten Lodestone = 2 Molten Cores + 1 crystal + 1 win + 1 crystalline dust) Since there are lodestones that likely don't drop in the world, this may be the only way to get certain elemental lodestones.
Creating Food Trays / Feasts:
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16 Bottle of Elonian Wine + 19 Arcane Crystal + 47 Mystic Coin + 10 Cooking meals
Creating Mystic Exotic weapons:
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1 scroll + 30 coins + 5 component A + 5 component B
Current known legendary recipes (From the beta) have been found here: http://www.gamefaqs.com/boards/938738-/63733779 These are the known legendary weapon recipes, however it is believed there are more with different ingredients
::::Other Stuff:
There is also a reddit thread going on about the mystic forge as well, but it's focusing on figuring out the exotics. Because the mystic forge shows the number of ingredients there are many 'known' recipes, but the outcome of said recipes is still unknown. That thread is here: http://www.reddit.com/r/Guildwars2/comm ... s_exotics/ This is where I got the main idea for compiling a lot of that information in one place here, but I figure I can keep this updated as other stuff gets discovered elsewhere as well.