It definitely works, and implemented well.
But during playing I felt it was an overwhelming amount of variables to try to think about during combat. After 30 minutes of play I still didn't' feel like all the fiddlyness with the elements had a significant payoff. Only made it to the big titty item lady once.
Almost wish the elemental menu was a full pause. Even after playing I'm not sure what element is meant to do what. Standing around and healing with the heal gun feels pretty bad. Why would I want to fire healing shots at the enemy? (if that's even what happens)