I don't think it is bugged at all because all dmg from weapon is converted into elemental dmg depending of the rune you choose. Perfect weapons should have MAIN attribute, a socket, high damage and 10% dmg unless you can get a weapon with% elemental dmg. One last thing, you rather have ALWAYS main attribute over% dmg on weapon. A lot of people ask me in my Twitch Stream chat how I have managed to get so much damage out of my wizard in Diablo 3. It’s simple math and it is very easy math to boot. To explain the math, however, I need to first explain my build. I’ve always been a dedicated wizard player. A Diablo 3 high damage wizard build should not require much. Area Damage via Paragon points. Area Damage, AD, (originally called 'Splash Damage') is a 20% chance of all attacks dealing X% damage to other enemies within 10 yards. It's basically free damage dealt to other nearby targets, and it can add up to considerable damage, since it procsfrom every target.
Area of Effect, or AoE is a general term for effects, skills, spells or abilities that will affect an area, and the inhabitants of that area, rather than a single target. Also known as Splash Damage or Line Damage.
Area of Effect spells are sometimes referred to as Area of Denial attacks, since they occupy some portion of the screen and deny access, forcing players to move elsewhere.
Many attacks in Diablo III will have the potential to affect more than one target. Some skills will need to be upgraded with points in a mastery skill (the Wizard's Tornado originally produces one tornado, but adding skill points to Epic Storms increases the amount of tornados allowed at once) or used in conjunction with Skill Runes (the Witch Doctor's Skull of Flame used with a multi-strike rune allows the skull to bounce along the ground and explode multiple times) to affect muliple targets.
The area that is affected can vary greatly, from a few monsters up close from a Barbarian attacking with Cleave, or a dozen monsters being crushed under a destructible wall.
The effect of an AoE varies from a damaging attack to a buff/debuff cast on allies/enemies.
AoE attacks are best used on multiple targets, especially when they're grouped by some expert crowd control. AoE attacks are usually less effective on single targets, especially ones with a lot of hit points like a boss, though some AoE spells are so powerful that they can work well against anything. Especially if the target moves around a bit, making single-target attacks less effective.
The Diablo 3 team is planning on many lots of attacks AoE, either full field magical blasts, or granting multi-target striking to melee and other physical skills. 
Most of the known skills and spells in D3, even simple melee attacks like the Barbarian's Cleave will strike multiple enemies if they are in range. This adds a greater element of realism in D3. These types of attacks only hit the targeted monster in D2, even if several enemies were standing virtually on top of each other.
Male Barbarian using Battle Cry. Circular AoE buff
Female Witch Doctor using Soul Harvest. Circular AoE damage and self-buff
An AoE spell or effect does not need to cause damage. It can give nearby players a buff, give monsters a debuff, or be a combination of the above. Some AoE effects will affect the environment, which in turn effects anyone walking in to that environment.
Diablo II and Diablo III do not have friendly fire for allies, and this includes AoE spells. The game would not be even remotely the same if friendly fire was used. Generally, only positive effects will apply to allies of an AoE caster.
The actual area of an AoE skill can be of any shape or size. Some examples are: circular AoE emanating from the player (Wizard's Frost Nova), a specific area the player chooses (Wizard's Meteor Storm), Line Damage (Wizard's Disintegrate), or jumping from one target to another (Wizard's Electrocute). Out of the lot, the
A 'line AoE' damage does not need to be a straight line either. It can be crescent shaped, or swirly, but the main part is usually that it's significantly longer than wide in the area of effect.
Female Wizard using Frost Nova. Circle expanding, self-consuming damage and debuff spell.
Female Wizard using Meteor Storm. Multiple AoEs spell.
Female Wizard using Disintegrate. Line AoE spell.
Female Wizard using Electrocute. multiple target direct damage spell that's 'AoE-like'.
Besides different shapes, there are also different ways that the AoE effect functions. It's usually a stationary effect, or moving, and when it's moving, it usually consumes itself on obstacles and enemies. The area can also expand or contract, depending on effect.
A few examples: