Yeah, but the damage reduce isn't very effective against anything that has +% enhanced damage, like players/bosses
As for that fact essay: I was getting ready to make a post about it. It kind've got lost between me returning to America, writing my thesis, getting a job, applying for graduate school, accepting administrative duties for a couple of undergraduate organizations, getting a female, working on the UO server, etc... So instead, we just started using the guide thread to answer most questions.
Maybe I'll (or someone else) will get around to writing it out someday, hah hah.