[Faolyn]

I would say that, if you're wielding a whip enchanted with Lightning Whip, it electrifies the whip, but if you're wearing gloves or jewelry of Lightning Whip, it creates a Lightning Whip magically. I'd say that the main advantages to having a whip enchanted with Lightning Whip is that, since there's a physical weapon there, you can parry and entangle with it; you wouldn't be able to do that with the jewelry or glove. Also, you could use the whip as a whip without electrifying it.

Also, the version in 4e Magic does more damage than the version presented in Grimoire. Which doesn't clarify the enchantment, BTW.