MetalStorm comes with 5 core stats, rather then the vanilla 4. (Strength, Dexterity, Constitution=Vitality, Intelligence=Energy and Charisma)
Strength works the way you're used to, you gain damage from weapons and it's the key requirement stat, the amount of damage gained from strength investment is more potent then in vanilla. (vanilla adds a bonus of +1% ed (+1.1% for hammers) per point in strength). The MetalStorm bonus varies between the weapon types, but it as a rule of thumb, it's usually more then in vanilla. Item requirements are slightly harsher as they are based on a formula and depend directly on how powerful the base item is. When paired with the proper proficiency strength will offer a few more benefits, but no info about this yet
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Dexterity the defense and attack rating gained from dex are more effective then in vanilla (defense also working when running) and the lack of a level based tohit formula make the stat more important, as you cannot rely on your level to mean anything, if you have low dexterity and thus also low total chance to hit, you will be missing, and you'll be doing that most of the time, even vs. the weaker foes. Like strength, dexterity offers a damage increase to weapons, and to more weapons then it does in vanilla, items with dex requirements are as a rule those that benefit also from dex as a damage factor. Again, paired with the proper proficiency dex will give you other benefits.
Constitution the main purpose of this stat is to give you life and stamina, and thus endurance, the way this is done is different from vanilla D2, as you'll be able to read further below.
Intelligence is the main requirement factor for using magic spells, you simply cannot cast a spell if you're too dumb to do it, sorry. The higher this, the effective the spells will be, this is independant from other factors that boost spells. The benefits are often not damage wise, the general effectivity of spells also increases. Intelligence is also the key to regenerating the mana pool, max mana has no important, if you have low base intelligence, your regen rate will be in the crapper. So, invest here to avoid running dry. The way mana is granted by this stat is different from vanilla, as you will read further below.
Charisma a new stat for D2, a standard in other RPGs, charisma comes into play when it comes to interaction with other creatures, also spells that depend on your ability to lead/give morale boosts to your allies, will become more effective with this. The same applies to charming spells. This, paired with intelligence, also allows you to get different options for some of the NPCs and is overally benefical when it comes to pricing issues (at least when dealing with certain npcs, some don't give a damn).
Now to how mana, life and stamina is earned, the direct investment points into these stats are considerably lower then the passive bonus, simply to avoid direct pumping abuse, so how does the passive bonus work?
Whenever you level up, the BASE value for con/int is retrieved and multiplied by 0.125, after this, a random value between 0 and the result (inc the result) is rolled. The static level bonus is added to this, and this amounts for the life/mana/stamina you earn at lvlup. Thus you get most of the benefit later and not immediately. This essentially means that if you wait until lvl 150 and then pump the stat with everything that remains, you'll recieve much less life/mana/stam then if you did so throughout the entire game in a balanced fashion (sure you can try and pump it from lvl1 onwards, but good luck with that
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An example, if you have 100 con and you level up, you will recieve life between LVLBONUS + rand(100 * 0.125 + 1).
Increasing the stat in a balanced fashion over the course of the game can yield a base life of around 2-2.5K, pumping it at high level, you'll usually end with 1-1.5K. (keep in mind this also accounts for stamina, which means you'll endure much less).