Talisman of Arcalon

All your damage is converted to magic damage. Unlike Mediate (Shaman skill), it does not only convert your weapon's base damage, but all damage. However, since there is no mastery for magic damage, the effect is somewhat limited. The upside is that few enemies have any magic resistance at all so you will penetrate most resistances.

Since all damage is converted, any damage that would work without Divine Edge still works. Weapon Mastery, strength, Bash, Renegade, critical hits etc still work. However, life leech comes only from Nexus ("non-physical, non-spell damage") if you use the axe for normal attacks. For spells, % life stolen by spell damage still applies. However, Alchemy and such masteries would not work because the damage is no longer elemental.