Both are still randomly attributed, so you might end up with a more damage heavy weapon or a more hp/mp heavy weapon. But capping it at, say, 50 charges (100 charges for spears/polearms) means you won't be going past a very definite bonus.

50 charges = +250hp +250mana +25hit +25dam on average.

Once you reach the kind of power you would previously have been hitting annihilates and things at, the other incentives allow you to continue to gain in strength in more permenant ways that, while not turning you into a mega-hp melee beast, will still create those nasty APs we have fun combatting.