So elemental weapons carry the visual glow effect of their element.
Life on Hit, Life on Kill, and Life Steal carry a visual effect that appears as if the weapon is dripping blood.
Non elemental damage bonus weapons with high Increased Attack Speed carry a unique green glow like effect.
I was always under the impression that the priority for determining which effect shows up on the the weapon went : Bloody => Elemental => IAS. With the higher always overwriting any other visual properties. My past experience has been consistent with this for months now.
Then I bought a weapon with LoH, Life Steal, and Holy Damage, and Holy shows up over the bloody effect. Can't be based on iLvl, cause the LoH is definitely a 63 roll. Anyone know exactly what determines the visual property on a weapon?
Most likely the affix that's first rolled for an item shows up on its model. I can't prove this in any way though, but it would make sense and it would also explain why Magic items with both an Attack Speed and an Elemental affix sometimes show the AS effect and sometimes the Elemental effect.