I ran a small test on this a little while back...
So since I toyed with my elemental stats to see the effect of it on gathering shards with fishing, I went ahead and ran a small test on my rank 12 conjurer's nukes against Thistletail Marmots near Camp Drybone. Basically nuked 10 times with each element and then averaged it out.(Didn't count full resists in the numbers to just look at damage)
Stats at the time were Fire55, Water15, Lightning59, Wind16, Earth13, Ice14
No doubt they're strong against earth and weak to water. My stats are pretty extreme and the gimped water stat still almost matched fire & thunder. So, as to be expected, finding the weakness will be important. Anyway, thought people would like to see some numbers concerning the damage from elemental stats. It clearly affects the damage, but monster weakness is very important.
Added in the highs & lows for each...looking at that shows the higher stats staying near top damage where water had a low of 200 despite being strong to the enemy...
If one were dedicated to specialize in certain elements there are benefits, but it might be better to be well-rounded and learn your enemy's weaknesses... Edited, Sep 12th 2010 7:29pm by TwistedOwl