Item Modifiers Questions and Concerns

General Discussion
Question as far as the item stats are concerned, with all these items being released.

First off, does anyone have a link to somewhere that explains what the modifiers like attack, precision, etc do at the present? Yes I've looked.

Secondly, is it just me or do the % damage modifiers, especially for wizards, seem grossly overpowered? I understand the item stats are subject to change at any time, but something like http://us.battle.net/d3/en/item/maras-kaleidoscope seems like it's digustingly better than anything any other class can get, despite its rarity? It even seems like some lower level WD/wiz items will be better than many higher level equivalents if these damage modifiers function like they appear to, regardless of base damage or boosted.

Edit: concerns are slightly lessened now that I see the spells scaling on weapon damage, but still, food for thought.
http://forums.battle.net/thread.html?topicId=27800569797&postId=277980480071&sid=3000#5

That was the last info we knew before the beta.

Don't know if anyone has researched the progression of things in the actually beta gameplay though.

EDIT:
Q: What types of attributes are there?
A: The latest system of attributes includes 5 different types: Attack (which increases damage), Precision (which increases crit chance), Vitality (which increases health), Defense (which decreases all damage taken), and Willpower (which affects class-specific resources).
Thank you. That's enough to sate my curiousity for now. :D

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