Author's note: I am not an EVE player. The month I spent in the game amounted to nothing; I can decipher only about a dozen of the game's billions of acronyms. I've tried to understand this controversy – if only on a superficial level – in an effort to give my EVE-enabled friends a clearer picture of the causes and the consequences of all the turmoil.
Icelandic developer CCP deployed the "Incarna" update to EVE Online a few days ago. The new features include the long-awaited "Captain's Quarters" (CQ) environment which, among other things, allows players to view their avatars in a clickable mirror.
The source of the late unrest is another feature of Incarna: the so-called "Noble Exchange" (NeX). It's a new boutique market from which players can buy vanity gear (at absurd prices) to customize their avatars. CCP created a third currency – dubbed "Aurum" – to drive that market.
To obtain Aurum, players must convert it from PLEX, the "Pilot License Extension" that, until now, could only be used to purchase additional subscription time, or sold for ISK. Technically, PLEX is more of an item than a currency, but it still functions as a medium of exchange in EVE's in-game economy. If player wants something from NeX, there are two options: (1) spend ISK to buy PLEX on the market, and convert the PLEX to Aurum, or (2) use real-world money to buy PLEX from CCP, and convert it to Aurum.
As things currently stand, the introductions of NeX and Aurum shouldn't unbalance the EVE economy. Players have had the ability to use real money to buy virtual money (via PLEX → ISK) since 2009. Although most of the vanity items available are ridiculously expensive in real-world terms – the price of a monocle is about $70 at present – those items have no substantive effect on the game world. Players can buy all the "Precision Boots" they want with ISK (and keep their subscriptions going, besides) without spending a dollar of real money, and it amounts to nothing more than a currency sink in EVE's economy.
The problem is that CCP is considering making other, actually useful, items available through NeX.