I have to go, so only a short answer this time around.
I don't think I can provide you with a more detailed explanation of the system. Even if I gave you all the stats for all weapons and armour, it won't be me who is going to do the coding and implementation, but the devs. We can discuss the nature of the system (will weapons only do one kind of damage, e.g.), but anything more detailed than that is impossible to ask from anyone else apart from the people who are actually making it work.
I also would like to address the "not adding enough to gameplay" argument. Well, not every addition has to be groundbreaking. If it adds to the gameplay, even a little, it has my vote, since it's going to make it a little bit more enjoyable (all caveats included). The strenght is in details, litlle things, that add up to be more than the sum of the parts. Hopefully...