You've basically got the gist of it for item/design getting wires crossed. Sometimes the visual just doesn't match the effect, flavor text, or both. Sometimes there are scheduling conflicts and models, skinning, or VFX aren't ready so we need to use placeholder art temporarily. In those situations, sometimes the placeholder art actually goes live and gets patched later. Sometimes the art and the effects are weird if you squint, but not that bad and the producer overrules the complaints - like a sword having a slashing effect but the blade looks like a big bird's claw because it's from a themed dungeon. Sometimes we also get the art assets for items switched or shuffled by accident. Since the assets are being created in parallel as the items' stats and gameplay effects, there's often little coordination between the item design and art teams.
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