With the new tooltip, it's extremely buggy and looks horrible. Sometimes it doesn't show up and other times it pops out at a random area on my screen. Guess that's obvious since it's in its beta stage. Take this by example as it improves...
Like it or not, World of Warcraft probably has the best tooltips out there. They are very clear even though they contain tons of information. While ignoring the "binds when picked up" feature, this tooltip gives you the damage that a weapon outputs, the type of weapon it is, how it's used, and it even gives the attack speed. What some games don't even do, is give the damage per second calculation which is a requirement in my opinion.
In addition, you notice that the text have different colors and there is even a background. You need a background. The colored text gives information beyond regular stats, usually give to weapons that are difficult to obtain and find. The durability feature gives a better estimation on damaged items rather than having text explain it for you. This is a better feature than what we currently have. Obviously numbers are more accurate than words.
Armors have very similar tooltips as weapons. Instead of giving you damage statistics, they show you how much armor it gives you. Rather than showing you the weapon type, they show you the armor type. They even tell you where the item should be placed on your body. For example, legs, back, chest, ect. Notice, the color of the items name is white, which means it is common, therefore it receives no stats or other benefits. Weight could be an addition stat to this tooltip system. Hate World of Warcraft all you want, as I do. However, I've been waiting for a sandbox MMO to have some of the most successful features found in MMORPGs. Tooltips being one of them...