I personally think that a selection like what is found in Borderlands works fine.
Thermal (Fire) is good against fleshy targets.
Corrosive (basically acid) works wonders against Armored targets (also not bad against biological targets) but not so great on shields.
Electrical (Lightning) shorts out shields effectively and can cause extensive short term damage to a fleshy enemy but is not so effective against a enclosed suit of armor that provides the chicken wire effect, letting the energy just move along the exterior into the ground
Explosive just works reasonably well against everything, but does not excel against any particular defense type nor particularly good at producing focused damage.
Thermal (Fire) is good against fleshy targets.
Corrosive (basically acid) works wonders against Armored targets (also not bad against biological targets) but not so great on shields.
Electrical (Lightning) shorts out shields effectively and can cause extensive short term damage to a fleshy enemy but is not so effective against a enclosed suit of armor that provides the chicken wire effect, letting the energy just move along the exterior into the ground
Explosive just works reasonably well against everything, but does not excel against any particular defense type nor particularly good at producing focused damage.
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MattHunX