I play as a Pure Mage on Master difficulty, and frankly, I die. A lot.

I was wondering, what happens if I set down the difficulty? Just wondering:

• Do skills level up slower?
  
• Is the loot worse?

And what else, besides combat being easier? I'm just wondering if there's an actual downside, because dieing all the time isn't fun for me, but it's worth it if playing on Master has benefits. Thanks!

Nothing changes except damage mobs do.