Chilled! You can see how we all want this to live up to its true potential! Enough with building the suspense; grasp the hilt and pull this sword from its stone!
You've revised it a bit already, but looking at it, I would like to see a little bit more information added:
Why did the renowned High Elven smiths of Verasialles (I'm not fond of the name either) craft this weapon using the rare metal Morthile? What is special about this metal that it is so valuable?
What did the Elven champion that first wielded "Chill" call his unique fighting style? What was unusual about this style? Was he from the village, or do champions from distant lands quest to find the hidden village of the masterful elven smiths, there to petition the smiths that they might have a weapon crafted?
What kind of sword is it? I picture the sword as a longsword with a narrow, lightweight blade, constantly encrusted with frost. Beneath the covering layer of frost, an inlay of elven script can barely be distinguished, delicate letters running along the blade's fullers. Its silver hilt forms a protective guard that curves down to protect the fingers.
When wielded, what is the sword like? I don't mean game effects, you have that down. I mean, what does it look like to someone watching it? What does it feel like to be struck with it or to wield it? Go to Comment
Inside a mad scientists laboratory the PCs find a short creature with smooth, oily and whale like skin. The head is faceless and smooth also. But hundreds of white eyes on the PCs from the fat belly of this creature. The PCs are about to kill it as it speaks to them in a feeble but intelligent voice, asking them to pour the contents of a green vial on it. Will they do so? And if so, what will happen?