My question is basically what do the elemental percentages or weapon damage type percentages on items like your weapon mean? Does it mean you do 35% more damage with lets say Ice moves, or 35% more defense against Ice moves?

Also I know it's all speculation so far, but has SE ever confirmed what putting points into elements does? I know that it was thought that it might increase your defense against the opposite element and increase your damage with it. I heard some talk about it increasing the type of crystals you get from drops.