Sheilds work like they do in the old days (FF1, FFII, and FFV) they don't raise defense, rather they block attacks occasionally, depending on you your characters evasion. They work better than the old school shields as well...

I love the Samurai swords since they do combo attacks frequently. Basch equipped with Genji Gloves (raises multi-hit chances) and the Masamune (Best Samurai sword) bezerke, haste, and bravery cast on him makes him an unstoppable killing machine...