I'd assume you're referring to the Illumina sword and not the Ragnarok. Illumina is good, but not that good. And nobody cares for Metamorph because of the items it turns the enemies into, we like it simply because it takes an enemy out of the battle. I like the sword too, but the Paladin Shield is too much of a hassle to deal with, plus the Magicite teaches you quicker (not faster, just earlier).

Not to mention...does the Ragnarok Magicite have any level-up bonuses? I didn't think so, but I could be wrong.