[Crimsonchamp]

The save roll is against the item's own fortitude. There is not a way to improve the fortitude of an item at the enchantment forge, but I'll probably change this process in the near future to use the base AC of the armor/clothing (full plate will be tougher than clothing) and possibly the overall price - fully enchanted/magical +3 AC armor/clothing will be tougher than non-enchanted armor/clothing of the same type. But any change will still not guarantee that maxed out magical full plate will always survive the transformation.

The only items that get unequipped are weapons and armor. Consider it a polymorph that merges any other items' properties into your lycan form. When in lycan form though you cannot use any item and you cannot equip any item.

So rings, amulet, cloak, gloves, boots and helmet.
The Armor and Weapon slot is not combined.

Does the shield classify as armor like it does for other wildshape?

Sounds like a lycan is better off wearing tear-away suits :P