The way I have been told it in the past - which seems supported by experience - is that the pet will get the damage of the weapon but still use it's own attack delay.
I was wandering Shadeweaver thicket recently with a low level Necro. Without weapon max damage was 14. Giving the pet a Crude Boned Halibut (10/56) gave me max damage 20 and didn't make any difference to frequency of attack.
There obviously comes a point where it is pretty hard to find a disposable weapon that outdoes the pet's innate attack.
On Targor's comment:
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Shaman should always hand their pet two weapons otherwise their companions forget to dual weild. Since shaman pets are based off a warrior model their slashing, piercing, and blunt skill is much higher than hand to hand so handing even one weapon should slightly increase DPS. However you might have to parse for 18 hours to even notice a 2% increase.
I have had my pet handed two weapons and seen a decrease in damage so severe that I had to recast the pet. This by the way is a major point of etiquette.
Always give weapons to the master not the pet.
As for Morden Rasp and the
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What's the deal with the prices on Morden Rasp? Isn't this a server for newbies? If so, why the hell are things like a Green Silken Drape, which has become virtually vendor trash on other servers, selling for around 800pp on MR?
question.
The server opened with a few high level guilds and otherwise complete newbies. Many areas that are farmed extensively on normal servers are not touched.
For example Chitinous Belt is a byproduct of VT key questing and on most servers is pretty cheap. On MR it is 1-2k. The top guilds are either already keyed or not interested and the newbies haven't even begun to think about such things.
There is also a degreee of price inertia although this is being eroded. If you can sell SCHW for 8k then why sell for less? Only when enough people are doing Velks to create a steady flow will it start to slide.
Meanwhile the vast number of newbies is saturating the normal newbie money-makers like spider silk etc and they are well below the prices on normal servers. So on a normal server 200 Spider Silk might buy you SCHW - on MR you are looking at 2500 to do the same thing.