Basic Item Level Requirements for Dungeons?

[Wobi]

With the damage formula in this game i dont think Weapon plays that much role in your dmg does it? I mean For example from a lv40 wep to lv45 wep you only get like, what? 2-5 more Physical/Magic Attack?

Base damage on your weapons actually is the biggest modifier to your damage, what appears to be a small increase will move your baseline damage as a while up a good notch. This is why people will pay for those HQ's on the lvl 50 items as the base damage is up there with better weapons.