Magebane ability was re-written in more clear way in Magic Item Compendium. Now it states that either arcane spells or invocations. It is not a true rule change, because amongst spell-like abilities only invocations have been mentioned as arcane from the beginning.
Regarding flaming/frost or holy weapons, in my experience they are not too strong in 3.5e. With the same cost, you can have +2 better enhancement bonus. That is +2 hit and +2 damage. Two-handed weapon wielder with Power Attack feat can convert that +2 bonus to +4 damages. The result is +6 damages which affects on everything.
Do you have a quote for that? The SRD says it doesn't affect the wielder, but someone carrying the weapon could be affected, correct? So unless it's being wielded, they're susceptible? (Yeah, being picky, but I'm trying to understand if there's a reason for the frost effect to be worded the way it is.)Energies from weapons never harm the user and his equipments. So you can let it be active 24h/day or at least make it always on while you are awake. And people usually do so.
Do you have a quote for that? The SRD says it doesn't affect the wielder, but someone carrying the weapon could be affected, correct?
If it was supposed to be like that, why make it command word activated? Why not use activated? (It _IS_ applied to a weapon after all.)
The question is more of the "my frost weapon made my equipment so cold that my potions froze!" variety. Not damaging to the equipment per se, but something that makes them unusable in the short-term.Even if your DM claims that the energies from weapons do harm the equipment of the owner when not in his hand, that will not make much trouble.
So a weapon with the shocking ability can't harm a metal sheath? What about the person holding the sheath in their hand? Uh... Are you sure? Seems pretty likely to me that they're going to get hurt!A Sword Sheath is often made of metal or wood.
But then a command word is only needed to turn it off, not turn it on.As I have already stated (in the last year), inflicting certain type of damage is not always a good idea. Some creatures actually be benefited from certain type of energy damages.
But once it's off, you need a command word to turn it back on again... which leaves you right back where we are.But then a command word is only needed to turn it off, not turn it on.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.