So as everyone has noticed equipment has three parts to their names
<Descriptor> <Equipment type> of The <Class type>
Then of course the color rounds it out as to its rarity.

I got to tinkering to try and find out what the name of the item can tell me, and so I know what types of items to hord for what types of pets :3

All equipment can give physical damage, magical damage, both or neither, and that seems independent of any descriptors, classes, or equipment type.

Basically this is a place to hold my findings, and and get opinions on if I seem to be on the right stuff or not.

Descriptor:
Brittle - Level 0
Frail - Level 5
Crude - Level 10
Delicate - Level 15
Tattered - Level 20
Faded - Level 25
Ragged - Level 30
Worn - Level 35
Mundane - Level 40
Dull - Level 45
Rough - Level 50
Balanced - Level 55
Tough - Level 60

Class types:
Stats listed are the ones emphasized by the Class Type.
If an element is listed, it is one that emphasis the same stats according to the proficiency trees.
The amount of stats added seems dependent on rarity and level
NOTE: Just because the stats match the element, does not mean they are the best class type to use for your pet. This is an observation, not a recommendation.

Assassin - Strength and Agility - Earth
Evoker - Intelligence and Dexterity - Fire
Illusionist - Intelligence and Agility - Light, and Dark
Myrmidon - Strength and Dexterity - Wind, and Water
Crusader - Strength and Intelligence
Disciple - All Equal
Warden - Dexterity and Agility

Color:
Gray - Common
Green - Uncommon
Blue - Rare
Purple - Epic
Orange - Legendary
Red - Mythic

What the stats do:
Strength - Increase physical damage and mitigation
Intelligence - Increase magical damage and magical mitigation
Dexterity - Increase critical hit chance and accuracy bonus
Agility - Increase physical/magical mitigation, increase avoidance chance, and increase quickness rating.

Hope this helps anyone. If you have anything to add, post and I'll update.

Contributions from:
Rose, Element, Rosedawn, and Draco

@Kaosu,

Tattered = Level 20

I know this is all viewable on your pet page if you hover over the stats, but just in case...

Strength - Increase physical damage and mitigation
Intelligence - Increase magical damage and magical mitigation
Dexterity - Increase critical hit chance and accuracy bonus
Agility - Increase physical/magical mitigation, increase avoidance chance, and increase quickness rating.

Mundane-level 40


Also though the elements are correct I would point out that they aren't necessarily....best. Light and Dark are both damage based proficiencies, so the crit from dex (evoker) gear is far more helpful then agility from illusionist. I just think they needed to have 3 branches for every stat so those 2 got stuck with something in their tree that isn't as useful to them.

Ragged: Level 30
Worn: Level 35
Dull: Level 45

@Kaosu,

Rough = Level 50