Updating this tutorial as a few things were no longer accurate. The highlights are, ice and steam wards, no longer defaulting with !AER, life wards healing over time, and cautioning players when using life wards.
Note: I forgot to mention that wards ALSO prevent cleansing their opposite status effects. For instance, since !EF prevents the application of burn status, you cannot cleanse chill/wet by "burning" it off you.
Further Note: So... I derp'd and failed to mention earth ward also makes you immune to quakes.