Magic Resistance, Saving Throws, Protection from Elements, Protection from Magical damage...

Which is best? Does 100% magic resistance mean that you are completely untouchable by any spell? Without any of these "does not include AoE spell, does affect status changes" etc provisos? Do better Saving Throws simply mean you are less likely to feel the intended result of a spell, but you're still vulnerable to magic missiles etc.
Protection from elemental damage is pretty self explanatory, but is it better route to get protection from common damaging spells like fireball and lightning bolt? And then there are items like the belt of inertial barrier and the mana bow which give resistance to magical damage (50% and 20% respectively). How is Resistance to magical damage different to Magical Resistance?
The reason i'm asking all these questions is that I want to do another Wizard Slayer playthrough, but this time with a shorty and I was wondering how the Magical Resistances, Saving Throws all interact.
Also in Vanilla, didn't gnomes start with 5% Magical Resistance as a racial bonus? I'm almost certain they did. In short...wouldn't a Gnome Wizard Slayer be epic?
Protection from elemental damage is pretty self explanatory, but is it better route to get protection from common damaging spells like fireball and lightning bolt? And then there are items like the belt of inertial barrier and the mana bow which give resistance to magical damage (50% and 20% respectively). How is Resistance to magical damage different to Magical Resistance?
The reason i'm asking all these questions is that I want to do another Wizard Slayer playthrough, but this time with a shorty and I was wondering how the Magical Resistances, Saving Throws all interact.
Also in Vanilla, didn't gnomes start with 5% Magical Resistance as a racial bonus? I'm almost certain they did. In short...wouldn't a Gnome Wizard Slayer be epic?
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Other types of resistance, fire and blunt, etc, reduce the damage dealt by that damage type by whatever % they are, not a chance to full negate it. Resistances that equal 100 are immunity, while resistances that go over heals for whatever % over 100 they are, if the spell deals damage. Saving throws only effect spells that allow saves to partially or fully negate something, and maybe not apply to the entire spell.
And then you have items like the belt of inertial barrier and the spell protection from magical energy that reduces damage only from un-typed magical spells, and doesn't allow a chance to fully resist like true magic resistance does. This effect is extremely rare and only applied by the above item and spell.
Technically Gnomes and Dwarves take it a step further and also suffer a 20% chance of backfire when using magical items not useable by any class, though items that apply illusion effects are exempt for gnomes and magical weapons/armors for dwarves, but that isn't implemented in game.
Magic damage resistance = damage from a spell is reduced by this %.
Saving throws matter in the context of the spell - spells may allow a save to halve damage or avoid a status effect, some spells do not allow a save.
Some spells ignore magic resistance e.g. Imprisonment, Sunfire.
Lets say an enemy casts Abi Dalzim's Horrid Wilting on you for 20d8, you have 20% magic resistance and 50% magic damage resistance. First your magic resistance is checked, you have a 20% chance of avoiding the effects of the spell outright. Then comes your saving throw, if you pass you only receive 10d8 damage. Then comes your magic damage resistance so you would receive 10d8/2 damage.
See shorty save bonuses here: http://playithardcore.com/pihwiki/index.php?title=Baldur's_Gate:_Races_and_Stats#.22Shorty.22_Saving_Throws
@Bhaaldog Viconia should be able to get 100% MR with a Potion of Magic Protection. Scrolls of Protection from Magic aren't MR but rather just prevent all magic from affecting the caster (including benefical spells such as Stoneskin).
Additionally, another form of 'resisting magic' is being immune to certain spell levels. Demiliches, Rakshasa and some liches (and probably some other stuff too) are immune to spells below a certain level. Potions of Magic Blocking can achieve this effect. I guess the effect is the same as (Minor) Globe of Invulnerability.
if no one else remembers it though...i guess i'm going crazy!
but an evil dwarf wizard slayer, with the high con shorty bonuses and the human skin would be pretty effective
i must have dreamed it