Hmmm...
Wild: The wearer of a suit of armor or a shield with this ability preserves his armor bonus (and any enhancement bonus) while in a wild shape. Armor and shields with this ability usually appear to be made covered in leaf patterns. While the wearer is in a wild shape, the armor cannot be seen.
Moderate transmutation; CL 9th; Craft Magic Arms and Armor, baleful polymorph; Price +3 bonus.
Well, first off, it specifies shields can have the enchantment, so shield bonus should probably be in the description, that should get an errata.
Secondly, find it strange that a druid-only enchantment needs an arcane spell to enchant it (and baleful at that, who not the generic polymorph?)
Thirdly... it says you keep the armor bonuses and deflection bonuses, doesn't say anything about anything else...
Well, look at it this way... people say "The armor is still there, you just can't see it". If the druid shifted to a diminutive bird, with accompanying strength/dex/con... if the armor was still there, it'd be crushed to death.
I'd say the shape would act as if not wearing armor. I mean, it IS a +3 enchantment...