Do equipment such as Armor and Weapons have hidden effects like FFXI?

I am just wondering if these effects exist on weapons and armor. This just got me wondering because in one of the live letters Yoshi-P indicated that the Holy Spear attained with Rowena tokens is the strongest spear in the game. Could be a mistranslation or is there some stats that we aren't seeing?

Well it's "one of the strongest" in the sense that it's an item level 90 weapon, but as far as its stats go, the relic Zenith is better.

and allagan spear is even better than that now since the update