upgrade effects...

Does anyone have a clue what the quantitive effect of upgrade components such as cold damage is?
i'm having a hard time seeinig much difference. but that could be the randomization...

To the best of my knowledge all the damage "upgrading" does (fiery sword hilt, for example) is change the damage type.

Certain damage types are better against certain targets (ranger tanks elemental damage much better than physical, for example).

There are elementalist skills such as conjure lightning which work off of elemental weopons. To use conjure lightning your weopon must do lightning damage. Once it does then conjure luightning enchantment makes it do more. Other than there being skils to support it the only differnce is whether the opponent has armor that gets bonuses vs piercing/cold/fire/lightning/earth/etc...
Other than that i dont know.