I should mention that if you manage to win that fight (which is doable) you do get a nice chunk gold and XP out of it.
Word of warning though, do check the Status window of the party members. Unlike most games they have innate resistances and weaknesses to certain elements (Misty is strong vs. Fire and weak vs. Cold for example) so you may want to keep that in mind when equipping certain pieces of protective gear. Took me a while to figure out that this was NOT due to equipped gear and the fire resistance jewel might be better off equipped on someone else instead
Actually, I did 'win' that fight. I don't like losing if I don't have to. But it's a scripted loss either way.
True though, you still get a victory rewards screen, but still. In the grand scheme of things, not that it gives you anything important.
Also, I've seen the characters' status screens and know their element affinities. Didn't bother with it at all though.
There was other, better (for me) equipment effects than elemental defense numbers.
Even Oceanus, arguably the most likely elemental resisting equipment to keep equipped ... I cared more about the 30/40 WIL than the 50% COLD res.