"Speculation: Increasing elemental affinity increases elemental attacks with that element (People are leaning towards false on this one) "
Deffinately fact. Tested it out over 2 hours today casting Blizzard on Puk Hatchlings. Casted without any points spent into elemental affinity. Did resisted damage 140-150, base damage 150-200, crits 200+. That was over an hour. Second hour raised ice affinity to 50+. Resisted damage 175-200, base damage became 210-260, crits 260-315. Nothing else changed except I gained 1 level in conjurer. No other gear changes, stat changes, etc.