I'm mostly focused on Beastmaster ofcourse, however its just as valid for blue mage spells, which monster correlation effects likely function a bit differently.

would it be alright to describe how these actually work? I don't think any players can figure out how, or when to use gear which affects this.

For example: Nukumi Cabasset +1 has "Pet: Monster correlation effects +24"

Thru testing players have found that there is an accuracy and attack bonus from this. Is that all? its very difficult to test for Magic Accuracy or Magic Attack Bonus, or is there anything defensive?