Weapon:
Enhanced Effect = higher damage right?
Stats = higher damage if the Ratio is for either Strength: Club + War-hammer, Sword + Longsword, and Axe + Battle-Axe benefits with Damage output, whereas, Dexterity only applies to these weapons for a Critical Hit Chance (Double Damage) ... just like items that have +X Critical Strike chance = Double damage... basically, the chance to deal double damage during your actions or Click.
Quick Draw:
This increases the speed of your attack by 75%, now a normal weapon has a 1 second delay, but with quick draw, you can attack more within the 1 second. Note, this does NOT affect/effect the speed of casting charms like lightning or healing charms, ONLY weapon speed... Normal = 1 second delay, Heavy Weapons = 1.8 second delay.
Armor Pierce:
This just means a weapon can by-pass the defense and deal damage. I may have to look into the Updates to find out where Cast charms had access to Critical Strike and/or Armor Pierce or Power Strike.
Looks like some of the updates I was looking into are so old, they have been archived.