Well Its good if there is some gear that lets you reach 100% for 2 or 3 elements. You can make your character focused on these elements , like A Geomancer/Fire Wizard and it would be ok if you can reach 100% resist for fire and earth.
Maybe they can nerf the resist you get if you are not focusing into the specific skill tree. I dont think you should get 100% water resist if you are a fire wizard .
As for the items ... they are pretty much trash. The useful stuff is with the vendors. I cant tell you how frustrating it is when you dig up a tresure and you find useless trash in it.
