Elemental Warding protects you from a percentage of incoming damage. This is a useful talent for surviving, as spells also bypass armor and Resistance can be scarce, and if Resistance is capped Elemental Warding still provides its full benefit against effects that are not fully resisted. Elemental Warding is strongest to Shamans that frequent areas where these forces are common, although most areas have some monsters that use one of these types, and could also be useful against Mages, Shamans, Warlocks, Druids, Rogues and Hunters of the opposing faction.
Patch 3.0.8 (2009-01-20): Elemental Warding: Now reduces all damage taken by 2/4/6%. Changed from only reducing Nature, Fire and Frost by 4/7/10%.