Yeah pretty much, each piece of gear says "Elemental Resistances +x" and it goes up as we get higher. I assume it has some relation to magic attack, but if so what the fuck is magic defense for?
Edit: Here is a visual
http://i56.tinypic.com/wmifeg.jpg
The only thing I can think of is magic def is for magic in general, and then there is a hidden thing known as elemental attack and elemental resistances take effect on that. That or maybe it just adds to our elemental resistances and it just doesn't show up, kind of like how every fucking ability that adds attack, acc, def, etc doesn't show up visually so we can actually make a good wiki.
XI Wiki



