Equipping a constant effect item doesn't update the magic menu
OpenMW 0.48 RC12 (macOS)
When wearing a constant effect stat buff item, and modifying that stat with console, removing the item lowers the stat. For example, if the Ring of the Wind (Agility, 30 pts.) is worn, and you raise Agility to 100 in the console, removing the ring will put Agility at 70 (in red - drain effect).
When raising the stats via console, the item is included in the base stat level. So, when Ring of the Wind is worn, increasing Agility to 100 via console will put it at 100 total (including the ring), rather than at 100+30.
Seems like maybe an issue stemming from the fix to birth sign abilities in 0.48?
Edit: Seemingly related: Equipping an enchanted item does not bring the enchant effect onto the magic menu until after the inventory is exited.