SUIT OF SORROWS
The Suit of Sorrows grants Michael great strength, great agility and great resilience; he's already quite a well-trained fighter, but with the suit, he emerges as a significant player. With time, he's become even more powerful with it, capable of achieving telekinesis and the ability to bounce off projectiles. So. It's certainly quite powerful, though it doesn't quite make him invincible.
It also drives him totally, utterly insane. In canon, the voices have faded away with the trial (though the voice of Ra's still permeated it) but it still left his mind pretty broken. In the City, though, the voices have came back to him, hurting his psyche quite badly. In this way the strength of the suit is limited!
THE SWORDS
Both the Sword of Sin and the Sword of Salvation can be very particular and very tricky. They both will pass through people that have a "pure heart", doing no damage to the individual in question. Of course, the definition of a pure heart in dictated by Michael Lane: minor sins in his eyes don't quite count, but an event where a sin wasn't just done but demonstrated is where it would cease to be harmless to a person; sins which harm another either directly or indirectly count. However, genuinely bowing down to God (like, in a church or to him) may clear a person's conscience, leaving them unmarred by the blades. They pass through them like air, not leaving a mark, not causing pain.
However, when a person is tainted by sin (that is, most people) they can cut flesh and drain life out of a person, depending on whether the movement is in a slashing motion or a stabbing motion. They also have their respective effects.
SIN
Outside of its main effect, Sin will cauterize wounds with its supernatural heat and can provide warmth, repelling cold.
When someone is stabbed by Sin, their unrepented sins will rush to them (and the user of Sin) in a vision, haunting their mind for the moment that Sin is draining them of their life. These can be long-forgotten or even a sin they're not aware of; in this case, Sin would not only show them what they're guilty of, but the truth of their guilt. (see: where Azrael was struck, revealing that he was guilty of following Ra's Al Ghul's selfish plans instead of God's.)
Sin is his favorite.
SALVATION
Outside of its main effect, Salvation will cauterize wounds with its supernatural heat and can provide cold, repelling warmth.
When someone is stabbed by Salvation, they will see their preceding tragedies and their potential, glorious redemption (and thus their accompanying need for it.) Though (FOR SOME REASON) it can also show the truth of a relevant subject at that very moment, and the lines are somewhat unclear. While Sin will have zero effect on an innocent, Salvation can potentially show someone else's transgressions though the "pure" person in question, though it will still leave no physical damage.