I could see it going either way. If hide is a 'meta item' that could be repaired if it could be taken off, I don't see why the spell wouldn't apply. Since equipment could theoretically move around a lot during the duration of MV and removing/adding the benefit to actual pieces of equipment could create many potential instances of error, I'm lead to believe the effect is more generally placed, conditionally, on equipment slots themselves. The question becomes how often that condition is evaluated, then.... huh, wow, that's a lot to think about, actually.
This is one of those things where clarification would be nice. I'm not so sure personal experience cuts it for something as deceptively simple as this.
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