I'm still doing the SOM Hardtype hack (but I'm pretty sure I could verify this with SOM w/o the hack), and I'm finding that the weapons that supposedly have bonuses.. don't seem to exhibit any. The damage is on par with other weapons with the same attack power. It doesn't appear to create increased critical hits, nor does it ignore enemy defenses.
The Dragon Ring does nothing against Dragons.. all the varients, including the "Dragon Worm" in the Pureland.
I've effectively come to the conclusions:
1) It affects hit rate only, which I doubt.
2) There are no bonuses. Remember this game was originally going to be for the fabled SNES CD, and I'm betting that these attributes never were finished properly coded in.
The only weapon/armor bonuses that apply are of the status variety, including increased critical hits.
We have EVEN MORE themes now, but some old ones are gone...