SCH's ability list as a whole is a bit foreign to most players tbh.
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They talk about this last E3 they said when you get your one of your final wep would have effect. But now it seem like 2.0 relic and 3.0 relic are something new all together.
I would have to say visual effects only. If relics were substantially better stat wise it would create balance issues with end game content. If the content wasn't designed around them then they would make the battles too much easier and if it was then it might force people into completing the quest which is just too absurd of a grind to force players to do. I don't mind the relic grind, but only if it's optional. I would not continue my sub if that type of grind became mandatory.
I suppose I wouldn't mind additional effects so long as all weapons got them and relics were again not substantially more powerful than the other best weapons at the time.
I wish each type of weapon have more special specific purpose.
Dreadwyrm can give additional boost to raid.
Relic for will be good use for PVE content, like have extra boost to pt or companion during fate or hunt.
and Ironwork for starter to get all those item.
I feel like for our special bonus for zeta, we should be able to give our weapons to a ninja who can then throw them at a monster for a one time hit of 9,999 damage :)
IMO...
Caster weapons: 20% AOE range increase OR 20% Magic cast Speed increase or 20% longer DoT/HoT
Melee weapons: 20% AOE range increase OR 20% Skill speed increase or 20% longer DoT
Ranged weapons: 20% AOE range increase OR 20% longer DoT OR 20% "distance" increase for casting.
Tank Shields: 10% cooldown improvement OR 10% threat retaining stacking with...
Tank Weapons: 10% skill speed increase OR 10% Stun time increase
Relic's should only have one buff enabled at once. The effects could be shuffled every time the player crits or something of that level.
The main thing to consider is that the Tomes gear is also a grind to get, but it's nowhere near as painful as all the effort required for the relic gear. The relic gear should be the BiS gear, provided that there is no financial cost to it. The tomes gear is a financial cost (in tomes) and crafted gear is a financial cost (or you could craft it yourself.) The materia step can easily make relic gear more expensive than the best crafted gear, thereby making the Tomes the "cheapest" financially.
So the relic gear should have some pay off, even if it doesn't increase the damage itself. Like in one game that I played (mabinogi) the spirit weapons in that game increased the durability and range (making certain ranged weapons the best gear in the game.) But they also wore down twice as fast because they couldn't be blessed, and couldn't be repaired except through the most expensive process possible (cash shop.) So everyone had one, but they saved it for the final boss because it was too expensive to use as a daily grinder. PLUS those spirit weapons all had personalities and stat expansion that were super-expensive (another gold sink.)
But the point is you don't want to directly increase damage otherwise it makes the Relic gear the only BiS gear.