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According the JP wiki, the things of note are:

-Deals S-ATK based ranged damage, and benefits from shooting multipliers like ZRA and WHA. Can also head shot.
-Potential level increases the damage...

The best thing about it being ranged damage is that you can get headshots on enemies that lack conventional weak points.

The way the wand ring works is annoying, but I realized I usually like to drop a quick charging AoE tech like Gi Foie before I start wanding anyways, to reduce the risk of getting hit due to super...

I'd like to hope the element change only occurs when the gear gauge is actually filled, meaning you'd have to use proper offensive techs to cause it.

I think the red wand is better simply on the basis that's its latent is a universal damage boost, and thus affects Zanverse all the time.