Is it really still purely physical damage though? If you use Fists of Fire on Ifrit, you actually heal him per hit. If you pop Fists of Earth you get no attack bonus but you actually end up (or at least I did) doing more damage per hit and with weaponskills. These two stances might not actually act magical in terms of magic accuracy/potency making them more effective, but I think counts as magical.

Kind of like you have a flaming fist but you still need physical accuracy/attack to make that hit connect.