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Full: For 10...38...45 seconds, you take 33% less damage from foes under the effect of Water Magic hexes. Whenever you cast an elemental spell, all non-spirit allies in earshot are healed for 50...210...250% of the Energy cost of the spell.
Concise: (10...38...45 seconds.) Take 33% less damage from foes hexed with Water Magic. Heals non-spirit allies in earshot for 50...210...250% of the Energy cost of your elemental spells.
Although using Mist Form prevents one from taking damage from attacks, the attacks will still hit, and any possible effects delivered by those attacks will still come through. This includes conditions, interrupts, and the life stealing from Vampiric weapons and Nightmare Weapon.
In addition, foes will still gain Adrenaline and recoup energy from Zealous weapons when hitting you.