I already bugged this in game, but I wanted to post here as a warning to others in case it happens to you.
I went to my usual hunting ground, entered combat and got completely destroyed. We're talking reduced to 50% vit in 3-5 hits. Of course, I checked all the usual suspects -- armor, parry stick, stance, encumbrance, buffs. Everything was good. I tried several more times and each time was similarly trounced.
Finally I noticed that, when appraising my armor, I got this line:
If you were only wearing a crisp white Imperial weave shirt your maneuvering would be minimally hindered (2/14) and your stealth would be minimally hindered (2/14).
But considering all the armor and shields you are wearing or carrying, you are currently unhindered (0/14) and your stealth is unhindered (0/14).
Notice that I was listed as completely unhindered while wearing all armor. My suspicion is that somehow my armor simply stopped acting like it was armor. I removed and rewore the shirt, got the correct appraisal line at that point, and was able to continue in combat with no problems.
- Navesi