I've been working out the details of this for a couple of days. Here's the skinny.
Wilwarin is a druid who wears a ring and a belt to push his Wisdom to 20. When he shifts into cheetah, I get an indicator that his wisdom is buffed (like when you have owl's up) even though it doesn't change (20 shifted and un-shifted). When he shifts back to elf form, he loses a 1st level and a 5th level spell. They are there listed as memorized when he is in cheetah form, they are memorized before he shifts, but as soon as he unshifts... they vanish. Becomes a bit frustrating when you bounce back and forth between forms to cast spells and such.
Thanks, Redhawk