We've only seen one reference to Awesome being synonymous with Holy. Namely, a Cherish tip.
"Awesome-element is
SOMETIMES called Holy".
And sometimes, an Angel is called a Demon.
Also, take a look at the Astral Influx's Second Shift.
Notice something? Damage is
Holy-locked. Now, why would the adversary of Oric, who is very strongly in-tune with the "Awesome" element, have a soul weapon aligned with Awesome? Why not the Lame element? Simple: It's a case of contradicting names for the same thing.
The names that each person uses for the, ahem, "Angels" varies depending on how they were treated by the system of the Warrens. Those like Cain call them Devils, and those like Oric called them Angels. Now, the average person, if they were benefiting heavily from something named "Unholy", would NOT be in a hurry to call it something as intrinsically negative as Unholy. In fact, they might go the opposite direction. They might name it, instead of Unholy, Awesome. They would also try to demonize the opposing element.
While they might insist that their "Awesome" element is actually Holy, and say that the opposition commands the Lame element, at the end of the day (Er...Cycle?) they're still wielding Unholy powers against a person with Holy weaponry. Now, have we ever seen Oric get an awesomeness bonus? Yes.
(: 13+10 Awesomeness) You try to follow Oric, but something smacks you in the butt. Within moments, you're airborne.
Now, that attack doesn't look particularly Unholy nor Holy, right? If anything, you'd think it would be an air spell, right? However, look at this attack, from Betweenford.
That doesn't seem like a very Unholy nor Holy spell either, right? And yet, since the Angels are Unholy creatures, they most likely have exclusively Unholy spells. So, this means that Unholy spells don't necessarily LOOK Unholy. And, well, that makes sense. After all, Unholy powers, in so many different cultures, are shown to be tempting and alluring. Since Unholy spells apparently run the gamut, they seem to be more useful to the caster. And with that, that's enough insanity for now.