Yep. You also can't imbue elemental damage - but elemental damage now doesn't count as a property when making runic items (an item made with a DC hammer is now 1-2 properties PLUS a chance to have something other than 100% Physical damage)
It is impossible to create anything REMOTELY as powerful with imbuing, as one can get from a top-end runic.
The only problem is that runics are too random, for that to be much good - but it makes for a hell of a lottery.
Just for fun, go to Test Center some time and craft Twinkling Scimitars (a ML recipe, which should be available in the bank - if command, if necessary) with a Valorite runic,
There you will see just how much more potentially powerful runics still are, over imbuing, if you're willing to gamble.
(let's see -
Twinkling Scimitar
40% DI (from exceptional with Arms Lore bonus +5% DI) for free
21% DCI (15% plus the +6% from the recipe)
30% SSI
3 other properties at 85%-100% intensity (say, HCI, Life Leech and Mana Leech)
OR
40% DI
6% DCI (the rest up to 45% is easy with the right gear)
30% SSI
and FOUR properties at 85%-100%...
for a purely PvM character....
That's 640% base intensity if all are 100% - well over 700% weighted intensity; and that's not counting anything from being made from other metals (Especially Gold). And, unlike the Imbued item, it can still have Powder of Fortifying used on it if it ever gets beat down too far.
Hell, given the price of some imbuing ingredients, and the loss of relic fragments on failure, you might actually be able to BUY a valorite hammer on a shard for cheaper than what some people invested into their weapon's manufacture (including the POF, which can range from 150-200k on big shards, per vial, 300-600k per vial on smaller shards).