I've always wondered about this, regarding the elements

Panic.
"Description: Attack one monster with dark power. You can use this skill only when you equip the sword and your combo should be charged up. "

I remeber seeing a guide with said that panic does contribute dark power which made it weaker if you use it on something like a dark yeti.
Honestly though, I don't think it really does xD.

it was supposed to cast darkness, much like a MM's blind.

then again, panic likely ohko's whatever it hits, so it never had much of a point in the first place.