I think effects running across the surface of weapons and are relatively if subtle would be ok imo, (I don't like the idea of an aura of the effect or actual flames/ mist/ sparks leaping off the weapon).

Its not about not wanting Fantasy, its a matter of taste, age 12 I though stuff like that was great, even on wow it works for the look of the game, they have better ways to do it in FFXIV then cheesy cheap visual tricks that add nothing other then making it look like my hair should be set on fire at any moment.

As for adding elemental attacks to weapons, hopefully Materia will do something like that.