I bought the Selene's Wand (for all intents and purposes, the same as this, but higher level) just to test out the "damage varies by moon phase" portion.
I've tested it during every moon phase, and I found that whenever the moon phase is between -10% and 10%, there is an additional effect of Darkness damage applied for every hit (think of it as Endark with no MP cost).
The drawback (unless you can find a light elemental >:D) is that like every other "additional effect" weapon, the extra damage comes at the cost of regular damage.
Kind of a ripoff. I noticed the same thing when I was using a Fire Sword, but since my sword strikes tend to vary by 5-10 pts, I could never really confirm this. Beware the "additional effect" weapons, since that damage is NOT additional.