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

[Shigofumi]

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?

[Celair]

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.

[Leaf_Dragoon]

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