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One attribute to look for on every weapon you come across is the ability to steal health or
mana. Health and
mana stealing weapons are absurdly effective in Torchlight. Because you're constantly killing enemies - sometimes twenty or thirty at a time - stealing health and
mana from damaging them can result in massive net gains. Take this example. Let's say you have a weapon that steals 20 health per hit, and it takes an average of three hits to kill an enemy. If you engage a mob of thirty you will have gained 1800 health points by the end of the fight!
This is such a huge boost that I always advise taking a weapon that steals health or mana over one that does not. There are obvious exceptions, such as a level 5 weapon compared to a level 15, but within reason health and mana stealing is too effective to ignore.