Yes, it does seem that way to me too, jspook, although I'm not sure precisely why. In my experience, other very competitive pvp-oriented online games where you build your character have been quite specific about exactly what every skill or equipment stat point does.
You just reminded me - and I am sure this is not possible - but imagine if they could make it to where your damage appeared in classic video-game-floaty-number-style during combat, any time you hit someone. Oh man, would I like to have that feature.