I think as far as transforms go, they currently act like actual skills, meaning they have a set damage based on skill level, and are multiplied by your strength bonus. Since his most recent balance (OUR recent one), damage does nothing for the transforms (besides the meager skill damage bonus from it). That seemed to be the general direction they were going, but I'm unsure about how more current xforms like Kali and Krieg are calculated.
Aurum211: Myth Healer 7th RB (350% exp rate RAWR)
Gummygumdrop: Myth Lime 4th RB (on leave for now...)
Mabinogi IGN: Zinc210: total lvl 7xx