Flame Blade-The fire's a little lacking in detail and the animation is odd. Still, it obviously took some effort to do.
Water/Ice Blade-The animation is weird looking on this one... Also, I don't understand why the shape of the tiles look wavy, kind of like lightning.
Thunder Blade-Well, this one is surely decent. The lightning on the item portrait is great looking. The colors are good as well. The only problem is that the Ice Blades slash is probably more lightning like than the actual Lightning Blade's ones.
In all the swords, the slashing graphic is a little weird. It should probably show the sword itself in the slash graphic.
The idea of an animated sword is nice, but since you can't animate the stab or slash graphics, it's not really possible for an elemental sword to look good.