Arcane Saber

Abilities
650 arcane damage per hit

Pros

 * Really fast attack speed.
 * High damage output.
 * Deals triple damage versus frozen enemies (1950 damage per hit).
 * Fairly effective against Fafnir.
 * It looks awesome, especially when you wear black robes and cast lightning in an area of effect. Or when using a push (right-click with no elements selected).

Cons

 * It doesn't stay active, as it flashes or is turned off most of the time. Only in cutscenes it seems to be constantly active.
 * No passive abilities.
 * You can not force choke NPCs.

Refrences
This weapon is clearly a Star Wars Lightsaber (in fact it is named Lighsaber in the games source files), and it is found in the lava filled dwarven caverns, a refrence to the planet Mustafar in Star Wars: Revenge Of the Sith. There is a charred skeleton nearby as well which refers to Anakin Skywalker.