I've been looking for the answer to this for a while now. Once a long time ago I was camping KC with my monk with an exp group in the hand room. It just so happened to also be the 6th anniversary. Anyways, we got the Fabled Hangnail to spawn (albeit unintentionally and unbeknownst of its power at the time) and we proceeded to get royally boned. Luckily, another higher level group came along and slaughtered it for us and I happily received the Fabled Elder Spiritist Gauntlets (with their permission, of course) and, not being level 55 yet, was eagerly awaiting being able to use them.
Fast forward about 4 months, my monk finally hits 55 after an extended hiatus of play and I put the gloves on. The first thing I'm looking for? +3 damage to all mobs that hit me. What I got? Nothing noticable. I asked my groupmates what all that jazz was about and whether or not it was a traditional DS or a "shield from damage" type of thing. Somebody responded simply that it "shielded damage" and left it at that. I couldn't find any more information about it.
So I've surfed the boards here extensively and found nothing on the subject. Can anybody care to explain how "+3 Damage Shield" works on items? Thanks.
*Added link for the lazy peeps.
Edited, Fri Aug 12 10:36:15 2005 by Brudish